#1
June 20th, 2016, 11:50 AM
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IRDA Norms
I am making presentation on the topic Insurance Regulatory and Development Authority of India (IRDAI) searching for some details. Will you provide details about the IRDA Life Insurance norms along with Organisational Setup of IRDA also tell what the Role and functions of IRDA?
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#2
June 21st, 2016, 07:54 AM
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Re: IRDA Norms
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. IRDA Life Insurance norms Organisational Setup of IRDA: IRDA is a ten member body consists of : One Chairman (For 5 Years & Maximum Age - 60 years ) Five whole-time Members (For 5 Years and Maximum Age- 62 years) Four part-time Members (Not more than 5 years) Role and functions of IRDA: It issues the registration certificates to insurance companies and regulates them. It protects the interest of policy holders. It provides license to insurance intermediaries such as agents and brokers after specifying the required qualifications and set norms/code of conduct for them. It promotes and regulates the professional organisations related with insurance business to promote efficiency in insurance sector. It regulates and supervise the premium rates and terms of insurance covers. It specifies the conditions and manners, according to which the insurance companies and other intermediaries have to make their financial reports. It regulates the investment of policyholder's funds by insurance companies. It also ensures the maintenance of solvency margin (company's ability to pay out claims) by insurance companies. Contact: IRDA Head Office: Hyderabad 3rd Floor, Parisrama Bhavan, Basheer Bagh, Hyderabad - 500004, Telangana, INDIA. +91 40 2338 1100 +91 40 6682 3334 Please find the below attached file for the IRDA Life Insurance norms: |
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