2023 2024 EduVark > Education Discussion > General Discussion


  #2  
June 15th, 2016, 02:44 PM
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Join Date: Mar 2012
Re: Explain the Functions And Powers Of IRDA

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India.

On your demand here I am telling about Insurance Regulatory and Development Authority of India (IRDAI) Functions And Powers

Issue t the applicant a certificate f registratin, renew, mdify, withdraw, suspend r cancel such registratin;

Prtectin f the interests f the plicy hlders in matters cncerning assigning f plicy, nminatin by plicy hlders, insurable interest, settlement f insurance claim, surrender value f plicy and ther terms and cnditins f cntracts f insurance;

Specifying requisite qualificatins, cde f cnduct and practical training fr intermediary r insurance intermediaries and agents

Specifying the cde f cnduct fr surveyrs and lss assessrs;

Prmting efficiency in the cnduct f insurance business;

Prmting and regulating prfessinal rganisatins cnnected with the insurance and re-insurance business;

Levying fees and ther charges fr carrying ut the purpses f this Act;

Calling fr infrmatin frm, undertaking inspectin f, cnducting enquiries and investigatins including audit f the insurers, intermediaries, insurance intermediaries and ther rganisatins cnnected with the insurance business;

Cntrl and regulatin f the rates, advantages, terms and cnditins that may be ffered by insurers in respect f general insurance business nt s cntrlled and regulated by the Tariff Advisry Cmmittee under sectin 64U f the Insurance Act, 1938 (4 f 1938);

Specifying the frm and manner in which bks f accunt shall be maintained and statement f accunts shall be rendered by insurers and ther insurance intermediaries;

Regulating investment f funds by insurance cmpanies;

Regulating maintenance f margin f slvency;

Adjudicatin f disputes between insurers and intermediaries r insurance intermediaries;

Supervising the functining f the Tariff Advisry Cmmittee;

Specifying the percentage f premium incme f the insurer t finance schemes fr prmting and regulating prfessinal rganisatins referred t in clause (f);

Specifying the percentage f life insurance business and general insurance business t be undertaken by the insurer in the rural r scial sectr; and

Exercising such ther pwers as may be prescribed


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