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August 1st, 2016, 09:56 AM
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Join Date: Mar 2013
Short Note On IRDA Act 1999

Hii Guys , I want to Know General Information About Insurance Regulatory and Development Authority Act 1999 , Will you plz tell me ?

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

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)
The chairman and members of IRDAI are appointed by Government of India.

The present Chairman of IRDAI is Mr T.S Vijayan.

Section 14 of IRDA Act,1999 lays down the duties 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.

Last edited by Neelurk; February 22nd, 2020 at 10:19 AM.
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