Insurance Regulatory Development Authority (IRDA)

BY RACHANA BHAMRE B/1603

Duties of IRDA
The Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.

powers and functions of the Authority

o issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration

 o

protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;  o specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents

RESPONSIBILITY
 Documents shall be filed only under the

signature of the Principal Officer  Principal Officer will remain responsible to comply with guidelines  A Compliance Officer to ensure compliance  Quarterly report to be submitted by Compliance Officer

Mission of IRDA To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.

FUNDAMENTALS OF AN IDEAL REGULATORY ENVIRONMENT

      

PROTECTION OF THE CONSUMER PROMOTION OF THE INDUSTRY COMPETITIVE NEUTRALITY TRANSPARENCY COST EFFECTIVENESS ACCOUNTABILITY FLEXIBILITY

PROTECTION
 ESTABLISH A REGULATORY

FRAMEWORK TO PROVIDE ADEQUATE PROTECTION TO CONSUMERS

 PREVENT /ENFORCE SUCH

REGULATIONS
 INSTIL PUBLIC CONFIDENCE

PROMOTION
*

Provide a favourable climate for product development/intermediation and healthy growth of insurance A reliable and stable market Freedom of entrepreneurial spirit * Balance between degree of prudential regulation and degree of freedom

SOURCES
*

OF

REGULATIONS
- Government - Regulations - Guidelines - Industry - Corporate

Laws / Statutes

* Formal Regulations
 Non-formal Regulations  Self-regulation  Internal Regulation

Governance

LAW
 MAKES GENERAL FRAMEWORK FOR THE

INDUSTRY EG. INSURANCE ACT 1938 IRDA ACT 1999 REGULATOR  Issues specific rules & regulations  Responsibility for enforcement