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Presented By:

Sanju Mishra

BBA-Semester-5

Submitted to:

Avinash Mishra

Asst. Professor

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Introduction of IRDA

Constitution of IRDA

Mission statement of IRDA

Objectives of IRDA

Functions, duties and powers of IRDA

Laws and regulations

CONTENT

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In april 1993, the government of India appointed a committee of

Reforms in insurance sector with Shri. R.N. Malhotra, a former

governor of Reserve Bank Government of India in January 1994.In

accordance with the recommendations of the committee, thegovernment set up a regulatory body known as Insurance

Regulatory and Development Authority and enacted the Act known

as Insurance Regulatory and Development Act, 1999.

INTRODUCTION OF IRDA

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IRDA consists of:

i. A chairman

ii. Not more than 5 whole time membersiii. Not more than 4 part time members to be appointed by

central government.

CONSTITUTION OF IRDA

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To protect the interest of and secure fair treatment topolicyholders.

To bring about speedy and orderly growth

To set, promote monitor , and enforce high standards of

integrity.To take actions where standards are inadequate orineffectively enforced.

To ensure speedy settlement of insured claims.

MISSION STATEMENT OF IRDA

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i. Take care of the policyholders interest.

ii. Open the insurance sector for private sector.

iii. Ensure continued financial soundness and solvency.

iv. Regulate insurance and reinsurance companies.v. Eliminate dishonesty and unhealthy competition.

vi. Supervise the activities of intermediaries.

vii. Amend the insurance act 1938 ,the Life Insurance

Corporation Act1956, and the General Business Act1972.

OBJECTIVES OF IRDA

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To issue certificate of registration.

To protect the interests of the policyholders.

To specify requisite qualifications code of conduct and

training for insurance intermediaries and agents.

To specify code of conduct for Surveyors/ Loss Assessors.

FUNCTIONS, DUTIES & POWER OF

IRDA

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To promote efficiency in the conduct of insurance

business.

To supervise the functioning of Tariff Advisory

Committee.

To regulate investment of funds by the insurance

companies.

To undertake inspection, conduct enquiries and

investigations.

Functions Cont...

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To specify the percentage of Life and General

Insurance business.

To promote and regulate professional organizations

connected with the insurance and reinsurance.

To specify the form and manner for maintenance of

books of accounts.

Functions Cont

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To prescribe the manner and form in whichaccounts will be maintained and submitted byinsurers and intermediaries.

To regulate maintenance of margin of solvency.

Functions Cont

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Functions Cont

To levy fees & other charges for carrying out

the purposes of this act.

To adjudication of disputes between insurers &

intermediaries or insurance intermediaries.

To specify the percentage of premium income

of the insurer financial schemes for promoting

& regulating professional organization.

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Insurance Act, 1938

Life Insurance Corporation Act, 1956

Insurance Regulatory and Development Authority

Act,1999

Consumer Protection Act, 1986

Income Tax Act

Marriage Womens Property Act, 1874

LAWS AND REGULATIONS

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