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

As you asking for info about IRDA General Insurance Council Regulations, 2008, so on your demand here I am providing same for you :

In exercise of the powers conferred under section 64R(1)(d) of the Insurance Act, 1938 (4 of 1938), the General Insurance Council, with the previous approval of the Insurance Regulatory and Development Authority, hereby makes the following Regulations, namely:


1. Short Title and Commencement

a) These regulations may be called the General Insurance Council Regulations, 2008.

b) They shall come into force with effect from the date of approval of the Authority.


2. Definitions

In these Regulations, unless the context otherwise requires-

a) 'Act' means the Insurance Act, 1938 (4 of 1938);

b) 'Authority' means the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);

c) 'Board' means the Board of Directors or other governing body of members of an insurance company, by what ever name called;

d) 'Chairman' means the Chairman of the Committee;

e) 'Council' means the General Insurance Council as stated in clause (b) of section 64C of the Act;

f) 'Committee' means the Executive Committee of the Council, constituted pursuant to the provisions of Part II-A of the Act;

g) 'Member' means a member of the Council, and includes a member of the Committee, where appropriate to the context;

h) 'Secretary General' means the official nominated by the Authority to act as Secretary of the Committee under Section 64F(2)(b) and to discharge such functions as may be provided in these regulations

i) Words and expressions used and not defined in these regulations, but defined in the Act shall have the meanings respectively assigned to them in the Act.

3. Functions of the Council

a) Main Objects

I. To aid, advise and assist insurers carrying on general insurance business in the matter of setting up equitable and clear standards of conduct and sound practice and in the matter of rendering efficient service to holders of General Insurance policies.

II. To render advice to the Authority in the matter of controlling the expenses of insurers in respect of their General Insurance business in India.

III. To bring to the notice of the Authority, the case of any insurer acting in a manner prejudicial to the interests of the holders of general insurance policies.

IV. To bring about better co-ordination and cohesion in the general insurance industry.

V. To promote awareness about the role and benefits from general insurance.



b) Objects incidental or ancillary to the attainment of the main objects:

I. To promote, sponsor and support programmes and activities, and to take action including submitting memoranda, representations and campaigns necessary for maintaining a positive image of the General Insurance industry through media, forums and opinion makers and enhance the level of consumer confidence in the industry.

II. To study, analyze and represent to Government of India, State Governments, Regulator or any other Authority to maintain and enhance, development, growth and expansion of the General Insurance sector or any other matters related to the General Insurance business in India.

III. To promote and facilitate research and development in all branches and related activities of General Insurance business.

IV. To evolve and recommend innovative procedures and solutions for legal, technical, managerial or professional activities in the General Insurance business.

V. To act as a clearing house for data collection, storage, dissemination and exchange of data, procedures and practices to be adopted in General Insurance business

VI. To provide a forum or forums for exchange of views on matters relating to promotion of sound business practices and promoting efficient service to policyholders in general insurance business.

VII. To organize and conduct special training programmes such as but not limited to seminars, workshops and the like for personnel engaged in general insurance business.

VIII.To print, publish and circulate bulletins, periodicals, booklets, pamphlets, text books concerning the General Insurance business.

IX. To subscribe and become a member of any association, chamber of commerce or federation consistent with the functions of the Council.

X. To invest and deal with or keep in deposit the moneys of the Council in such manner as the Council may deem fit.

XI. To open bank accounts and operate the same.

XII. To appoint, employ or engage such persons as employees or otherwise as may be considered expedient by the Council.



c) The income and the property of the Council, whensoever derived shall be applied solely for the promotion of the objects set forth herein read with the provisions of the Act. The income / surplus funds of the Council shall not be distributed to the Members under any circumstances. However, the Council may decide not to collect fees for any year under the provisions of Section 64L(2) of the Act.



d) Proper and complete accounts shall be kept of all the sums of money received and expended by the Council/Committee and the matters in respect of which such receipts and expenditures takes place, and of property, credit and liabilities of the Council; and, subject to any reasonable restrictions as to the time and manner of inspecting the same that may be imposed in accordance with the regulations of the Council for the time being in force, the accounts shall be open for inspection by Members.

IRDA General Insurance Council Regulations, 2008 detail attached a word file;

Attached Files

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