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Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA. (1) Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and reinsurance business. (2) Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include, (a) Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration; (b) 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; (c) Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents; (d) Specifying the code of conduct for surveyors and loss assessors; (e) Promoting efficiency in the conduct of insurance business; (f) Promoting and regulating professional organisations connected with the insurance and re-insurance business; (g) Levying fees and other charges for carrying out the purposes of this Act; (h) calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business; (i) control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938); (j) Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; (k) Regulating investment of funds by insurance companies; (l) Regulating maintenance of margin of solvency; (m) Adjudication of disputes between insurers and intermediaries or insurance intermediaries;
(n) Supervising the functioning of the Tariff Advisory Committee. and (q) Exercising such other powers as may be prescribed . (p) Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector. (o) Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause (f).
nomination by policy holders. 1999 laysdown the duties. the powers and functions of the Authority shall include. settlement of insurance claim. (transparency) and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enf orce high standards of financial soundness amongst market players. for the benefit of the common man. To set. surrender value of policy and other terms and conditions of co ntracts of insurance. 5. withdra w. =========== Functions of IRDA ========= Section 14 of IRDA Act. To take (action) where such standards are inadequate or ineffectively enforce d. clear and correct (inform ation) about products and services and make them aware of their responsibilities and duties in this regard. 4. the Authority shall have the duty to regulate. . monitor and enforce high standards of (integrity). promote. 3. 7. 8. fair dealing and competence of those it regulates. insurable interest. financial soundness.==============ROLE OF IRDA (PSII-CTMAS) ============ 1. 2. To promote fairness. to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery. promote and ensure order ly growth of the insurance business and reinsurance business. (b) protection of the interests of the policy holders in matters concerning assi gning of policy. renew. modify. suspend or cancel such registration. (a) issue to the applicant a certificate of registration. (2) Without prejudice to the generality of the provisions contained in sub-secti on (1). and to provide long term funds for accelerating growth of the economy. 6. To ensure that insurance customers receive precise. To ensure speedy settlement of genuine (claims). To (protect) the interest of and secure fair treatment to policyholders. powers and functions of IRDA (1) Subject to the provisions of this Act and any other law for the time being i n force. To bring about (speedy) and orderly growth of the insurance industry (includi ng annuity and superannuation payments). To bring about optimum amount of (self-regulation)in day to day working of th e industry consistent with the requirements of prudential regulation.
(e) Promoting efficiency in the conduct of insurance business. code of conduct and practical training for intermediary or insurance intermediaries and agents.(c) Specifying requisite qualifications. (d) Specifying the code of conduct for surveyors and loss assessors. . (f) Promoting and regulating professional organizations connected with the insurance and re-insurance business. (g) Levying fees and other charges for carrying out the purposes of this Act.
Outlines of Housing and Habitat Policies of Uttar Pradesh and Bihar have been submitted for preparing the final policy with special emphasis on EWS/LIG segments. increase the number of housing stock and thereby facilitate affordable home loans to the population. The Government of India amended the National Housing Bank Act. In consultation with NHB. Furthermore. Having actively contributed in formulation of NUHHP-2007. with a cap of Rs.00 Lakh) It is proposed to take up the matter . and also earlier Housing Policies. thus enabling greater access and affordability to the borrowers of housing loans. Housing Policy for the States of Kerala & Rajasthan have been prepared and finalized. West Bengal etc. the process of securitization is limited to only a few States (Delhi. Maharashtra. State Housing Policy for Punjab has been submitted for final approval to the State after consultation with NHB. The stamp duty rates ranges from 0. The National Housing and Habitat Policy of Government of India have envisaged a lead role for National Housing Bank to promote and develop the process. It is also learnt that the Karnataka Housing Board will submit a comprehensive housing policy for the State shortly and that the Board will provide the residential sites and housed to the poor and middleclass people across the State. along with broad outlines of the Housing policy and a concomitant implementation plan. NHB approached all the State Governments and offered help in formulation of their respective State Housing Polices. Accordingly. the role and involvement of NHB in this regard is discussed as under: Development of Secondary Mortgage Market The housing sector has been historically capital deficient which has resulted in housing shortage. the State Government is being approached with an offer of assistance in formulation of the State Housing Policy. Gujarat.1% ad valorem. in accordance with role envisaged for banks and housing finance institutions under the NUHHP-2007.Initiatives by the State Governments ± Role of NHB Under the NUHHP-2007 the State Governments are also expected to formulate and implement their respective State Housing Polices.1 to 14 per cent in different States in the country. RMBS enabled flow of funds from the capital market into the housing sector. 1. In this regard CMD had addressed letters to the Chief Secretaries of all the State Governments. Presently.) which have rationalized their stamp duty structure (0. Stamp duty is a crucial issue for RMBS transactions. Karnataka. The Government of India has accorded considerable importance to the development of secondary residential mortgage market in the country in order to enhance the flow of funds into the housing sector. 1987 and had incorporated enabling provisions for undertaking the Residential Mortgage Backed Securitization (RMBS) activities. with focus on villages.
Till now. Fourth. Public Private Partnership entities. Community Based Organizations such as MFIs/NGOs constituted as Societies/ Trusts/ Section 25 Companies etc. Bank¶s Project Finance Policy. . Secondly. borrower education etc. offer financing as top-up to Government schemes such as JNNURM. and to private sector agencies.with the Thirteen Finance Commission so as to consider the issued in the context of devolution revenues to the States. develop refinance products with approval of the Board. Development Authorities. is targeting providing financial support for slum redevelopment / rehabilitation / upgradation projects. State Slum Clearance Boards/Authorities. NHB¶s Policy for Financing Slum Upgradation: The Bank. namely ± first. An exercise in rating non-profit organizations is also being undertaken. the Bank has financed only one such project. project finance assistance can be extended for such projects to public housing agencies like Housing Boards. use technical assistance either with Bank¶s own funds or from any other national/international agency for capacity building. but efforts are underway to identify other viable projects which could be supported. with its focus on the unserved and underserved segments of the society. actively market Project Finance through suitable MFIs/NGOs etc. Municipal Bodies. Third. The Bank has a fort fold strategy in this imitative.
(k) regulating investment of funds by insurance companies. 1938 (4 of 1938). advantages. (l) regulating maintenance of margin of solvency. (n) supervising the functioning of the Tariff Advisory Committee. undertaking inspection of. (i) control and regulation of the rates. (o) specifying the percentage of premium income of the insurer to finance scheme s for promoting and regulating professional organisations referred to in clause (f). conducting enquirie s and investigations including audit of the insurers.(h) calling for information from. (j) specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance int ermediaries. and (q) exercising such other powers as may be prescribed . intermediaries. terms and conditions that m ay be offered by insurers in respect of general insurance business not so contro lled and regulated by the Tariff Advisory Committee under section 64U of the Ins urance Act. insurance intermediaries and other organisations connected with the insurance business. (p) specifying the percentage of life insurance business and general insurance b usiness to be undertaken by the insurer in the rural or social sector. (m) adjudication of disputes between insurers and intermediaries or insurance in termediaries.