2023 2024 EduVark > Education Discussion > General Discussion


  #1  
June 13th, 2016, 08:35 AM
Unregistered
Guest User
 
IRDA was established in

Can you tell me in which year was Insurance Regulatory and Development Authority of India (IRDAI) established? Also tell me about the Duties, powers and functions of IRDAI?
Similar Threads
Thread
When Was UPTU established
When DRDO Established
PEC Chandigarh Established
CMJ University Established
When Was IIT Guwahati Established
When was CMJ University Established
SVN University Established
IRDA When Established
PNB Was Established In Which Year
When NAFED was established
When was IIM Ranchi Established
IIT Mumbai established
When IIM Ahmedabad Established
When Was NIFT Established
Who Established IIIT

  #2  
June 13th, 2016, 11:02 AM
Super Moderator
 
Join Date: Mar 2012
Re: IRDA was established in

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

It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.

Duties, powers and functions of IRDAI

Adjudication of disputes between insurers and intermediaries or insurance intermediaries;

Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business;

Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);

Exercising such other powers as may be prescribed

Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;

Levying fees and other charges for carrying out the purposes of this Act;

Protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;

Promoting efficiency in the conduct of insurance business;

Promoting and regulating professional organisations connected with the insurance and re-insurance business;

Regulating investment of funds by insurance companies;

Regulating maintenance of margin of solvency;

Supervising the functioning of the Tariff Advisory Committee;

Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f);

Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries;

Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and

Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents

Specifying the code of conduct for surveyors and loss assessors;

Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include, -


Quick Reply
Your Username: Click here to log in

Message:
Options



All times are GMT +5. The time now is 06:53 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
Content Relevant URLs by vBSEO 3.6.0

1 2 3 4 5 6 7 8