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August 16th, 2016, 10:37 AM
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Objectives Of IRDA Act
Hey I ma new employee of the IRDA and I want to know that basically what are the objectives of the IRDA Act?? Well the IRDA Act was passed by parliament in December'1999 and it received president approval in January'2000. Objectives of IRDA: Ensure speedy settlement of genuine claims and to prevent frauds and malpractices Bring transparency and orderly conduct of in financial markets dealing with insurance. Promote the interest and rights of policy holders. Promote and ensure the growth of insurance industry. 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) IRDA Jobs To specifies the conditions and manners, according to which the insurance companies and other intermediaries have to make their financial reports. It looks the investment of policyholder's funds by insurance companies. It also ensures the maintenance of solvency margin by insurance companies. 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. Last edited by Neelurk; June 22nd, 2020 at 08:33 AM. |
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