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March 18th, 2017, 01:19 PM
Super Moderator
Join Date: Mar 2012
Re: In Which Year IRDA Act Was Passed

The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency for regulating and promoting the insurance and re-insurance industries in India.

It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an act of Parliament passed by the government of India. Its headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

Section 4 of the IRDAI Act 1999 specifies the authority's composition. It is a ten-member body consisting of a chairman, five full-time and four part-time members appointed by the government of India

The functions of the IRDAI are defined in Section 14 of the IRDAI Act, 1999, and include:
• Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations
• Protecting policyholder interests
• Indicate qualifications, the code of conduct and training for intermediaries and agents
• Indicate the code of conduct for surveyors and loss assessors
• Promoting efficiency
• Promoting and regulating professional organisations connected with the insurance and re-insurance industry
• Levying fees and other charges
• Inspecting and investigating insurers, intermediaries and other relevant organisations
• Regulating rates, advantages, terms and conditions which may be offered by insurers not covered by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938)
• Indicate how books should be kept
• Regulating company investment of funds
• Regulating a margin of solvency
• Adjudicating disputes between insurers and intermediaries or insurance intermediaries
• Supervising the Tariff Advisory Committee
• Indicate the percentage of premium income to finance schemes for promoting and regulating professional organisations
• Indicate the percentage of life- and general-insurance business undertaken in the rural or social sector

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