As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which

was constituted by an act of parliament) specify the composition of Authority

The Authority is a ten member team consisting of

(a) a Chairman;
(b) five whole-time members;
(c) four part-time members,

(all appointed by the Government of India)

Duties, powers and functions of irda

Ref: IRDA/GEN/03/2007 Date: 02-01-2007

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA..
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 re-insurance business.
Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority
shall include, -

issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;
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;
specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and
agents
specifying the code of conduct for surveyors and loss assessors;
promoting efficiency in the conduct of insurance business;
promoting and regulating professional organisations connected with the insurance and re-insurance business;
levying fees and other charges for carrying out the purposes of this Act;
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;
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);
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;
regulating investment of funds by insurance companies;
regulating maintenance of margin of solvency;
adjudication of disputes between insurers and intermediaries or insurance intermediaries;
supervising the functioning of the Tariff Advisory Committee;
specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional
organisations referred to in clause (f);
specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural
or social sector; and
• exercising such other powers as may be prescribed
Holidays for the Year 2009
(Please download the attachment to view the list of holidays for the year 2009)

HOLDAYS TO BE OBSERVED BY THE AUTHORITY DURING THE YEAR 2010

Sl. No. Name of the Festival Date (Day)

1. Sankranti/Pongal 14 Jan 2010 (Thursday)

2. Republic Day 26 Jan 2010 (Tuesday)

3. Mahasivaratri 12 Feb 2010 (Friday)

4. Milad-Un-Nabi or Id-E- Milad 27 Feb 2010 (Saturday)

(Birthday of Prophet Mohammad)
5. Holi 01 Mar 2010 (Monday)

6. Ugadi 16 Mar 2010 (Tuesday)

7. Ram Navami 24 Mar 2010 (Wednesday)

8. Mahavir Jayanti 28 Mar 2010 (Sunday)

9. Good Friday 02 Apr 2010 (Friday)

10. BR Ambedkar?s B?day 14 Apr 2010 (Wednesday)

11. Buddha Purnima 27 May 2010 (Thursday)

12. Independence Day 15 Aug 2010 (Sunday)

13. Sri Krishna Janmashtami 02 Sep 2010 (Thursday)

14. Id-Ul-Fitar 10 Sep 2010 (Friday)

15. Vinayaka Chaturthi 11 Sep 2010 (Saturday)

16. Mahatma Gandhi's Birthday 02 Oct 2010 (Saturday)

17. Dussehra (Vijaya Dashami) 17 Oct 2010 (Sunday)

18. Diwali (Deepavali) 05 Nov 2010 (Friday)

19. Id-Ul-Juha (Bakrid) 17 Nov 2010 (Wednesday)

20. Guru Nanak's Birthday 21 Nov 2010 (Sunday)

21. Christmas Day 25 Dec 2010 (Saturday)

History of insurance in India
Ref: IRDA/GEN/06/2007 Date: 12-07-2007

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (
Manusmrithi ), Yagnavalkya ( Dharmasastra ) and Kautilya ( Arthasastra ). The writings talk
in terms of pooling of resources that could be re-distributed in times of calamities such as fire,
floods, epidemics and famine. This was probably a pre-cursor to modern day insurance.
Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade
loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from
other countries, England in particular.

1818 saw the advent of life insurance business in India with the establishment of the
Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829,
the Madras Equitable had begun transacting life insurance business in the Madras Presidency.
1870 saw the enactment of the British Insurance Act and in the last three decades of the
nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897)
were started in the Bombay Residency. This era, however, was dominated by foreign insurance
offices which did good business in India, namely Albert Life Assurance, Royal Insurance,
Liverpool and London Globe Insurance and the Indian offices were up for hard competition
from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance Companies in

India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to
regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the
Government to collect statistical information about both life and non-life business transacted in
India by Indian and foreign insurers including provident insurance societies. In 1938, with a
view to protecting the interest of the Insurance public, the earlier legislation was consolidated
and amended by the Insurance Act, 1938 with comprehensive provisions for effective control
over the activities of insurers.

The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a
large number of insurance companies and the level of competition was high. There were also
allegations of unfair trade practices. The Government of India, therefore, decided to nationalize
insurance business.

An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector and
Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian,
16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all.
The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private
sector.

The history of general insurance dates back to the Industrial Revolution in the west and
the consequent growth of sea-faring trade and commerce in the 17th century. It came to India as
a legacy of British occupation. General Insurance in India has its roots in the establishment of
Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian
Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of
general insurance business.
1957 saw the formation of the General Insurance Council, a wing of the Insurance Associaton
of India. The General Insurance Council framed a code of conduct for ensuring fair conduct
and sound business practices.

In 1968, the Insurance Act was amended to regulate investments and set minimum solvency
margins. The Tariff Advisory Committee was also set up then.

In 1972 with the passing of the General Insurance Business (Nationalisation) Act, general
insurance business was nationalized with effect from 1st January, 1973. 107 insurers were
amalgamated and grouped into four companies, namely National Insurance Company Ltd., the
New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India
Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a
company in 1971 and it commence business on January 1sst 1973.

This millennium has seen insurance come a full circle in a journey extending to nearly 200
years. The process of re-opening of the sector had begun in the early 1990s and the last
decade and more has seen it been opened up substantially. In 1993, the Government set up a
committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose
recommendations for reforms in the insurance sector.The objective was to complement the
reforms initiated in the financial sector. The committee submitted its report in 1994 wherein ,
among other things, it recommended that the private sector be permitted to enter the insurance
industry. They stated that foreign companies be allowed to enter by floating Indian companies,
preferably a joint venture with Indian partners.

Following the recommendations of the Malhotra Committee report, in 1999, the Insurance
Regulatory and Development Authority (IRDA) was constituted as an autonomous body to
regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in
April, 2000. The key objectives of the IRDA include promotion of competition so as to
enhance customer satisfaction through increased consumer choice and lower premiums, while
ensuring the financial security of the insurance market.

The IRDA opened up the market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the
power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000
onwards framed various regulations ranging from registration of companies for carrying on
insurance business to protection of policyholders’ interests.

In December, 2000, the subsidiaries of the General Insurance Corporation of India were
restructured as independent companies and at the same time GIC was converted into a national
re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002.

Today there are 24 general insurance companies including the ECGC and Agriculture
Insurance Corporation of India and 23 life insurance companies operating in the country.

The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together
 with banking services, insurance services add about 7% to the country’s GDP. A well-
developed and evolved insurance sector is a boon for economic development as it provides
long- term funds for infrastructure development at the same time strengthening the risk taking
ability of the country.

Life Insurers
Ref: Date: 15-12-2010
updated list

Life Insurers

NAME OF THE COMPANY NAME OF NAME OF TELEPHONE NO./FAX No./E-MAIL & WEB ADDRESS
PRINCIPAL APPOINTE
OFFICER D
ACTUARY

Bajaj Allianz Life Insurance Company Mr.Kamesh Mr. Anil Tel : 020 - 66026777
Limited . Goyal Kumar Fax : 020 -66026789
GE Plaza, Airport Road , YerawadaPune 411 Singh .

Birla Sun Life Insurance Co. Ltd Mr. Jayant Dua Mr. Fabien Tel : 020 - 66026777
Reg. Office: One India Bulls Centre, Tower 1, Jeudy Fax: 020 - 66026789
16th Floor, Jupiter Mill Compound, 841 , Email :customerservice@birlasunlife.com
Senapati Bapat Marg, Elphinstone Road,
Mumbai-400013.

HDFC Standard Life Insurance Co. Ltd Mr. Amitabh Mr. Ashley Tel : 022-67516666
19th Floor, Lodha Excelus, Chaudhry Edward
Apollo Mills Compound, Rebello
N.M. Joshi Road,
Mahalaxmi,
Mumbai - 400 011

ICICI Prudential Life Insurance Co. Ltd Mr. Sandeep Mr. Avijit Tel :022-56621996
ICICIPrulifeTowers , 1089, Appasaheb Bakhshi Chatterjee Fax: 022-56622031
Marathe Marg, Prabhadevi,
Mumbai 400 025.

ING Vysya Life Insurance Company Ltd. Mr.Kshitij Jain Tel : 080-25328000
ING Vysya Home, 5th Floor, #22 Mahatma Mr.B.N. Fax: 080-25559764
gandhi RoadBangalore-560 001. Rangaraj
an

Life Insurance Corporation of India Shri T S. Mr. T Tel 56598701;56598702

Yogakshema, Jeeva Bima Marg, Post Box No. Vijayan Bhargava Fax: 22824386
19953 MUMBAI 400 021 E-Mail ; chairman@licindia.com
Max New York Life Insurance Co. Ltd Shri Rajesh Sud Mr.John Tel : 0124-2561717
Floor, DLF Square , Jacaranda Marg, Charles Fax: 0124-2561764
DLFCity , Phase-II, GURGAON 122 002. Poole

Met Life India Insurance Company Ltd. Mr. Rajesh Mr. M S V S Tel : 080-26438638
Brigade Seshamahal, No. 5, Vani Vilas Road , Relan Phanesh Fax: 080-26521970
Basavanagudi, BANGALORE-560 004. Toll Free No. 1-600-44-6969

Kotak Mahindra Old Mutual Life Insurance Mr. Pankaj Mr. Andrew Tel : 022-6621 5999
Limited Desai Willis Fax:022-6621 5757, 6621 5858
9th Floor, Godrej Coliseum, Cartwright
Behind Everard Nagar,
Sion (East),
MUMBAI-400 022..

SBI Life Insurance Co. Ltd Mr. Mahadev Mr. Sanjeev Tel : 022-56392000
TurnerMorrisonBuilding, 2nd Floor, 16, Bank Nagendra Rao Kumar Fax: 022-56621471
Street, Fort Mumbai-400 023. Pujari

Tata AIG Life Insurance Company Limited Mr. M. Suresh Mr. Heerak Tel :022-66516000
5th 7 6th Floor, Peninsula Tower, Basu Fax : 022-66550711
Peninsula Corporate Park
Ganpatrao Kadam Marg, Lower Parel,
MUMBAI 400 013.

Reliance Life Insurance Company Limited. Mr. Malay Ms. Tel : 022-30883434/ 30887261
9th floor & 10th floor, Building No. 2, R-Tech Ghosh Pournima Fax: 022-30886587
Nirlon Compound, Next to Hub Mall, Gupte
Behind I - Flex Building, Goregaon (East),
Mumbai - 400 063

Aviva Life Insurance Company India Mr. T. R. Mr. Tel: 0124-270 9000/01,
Limited Ramachandra Sanjeeb Fax: 0124-270 9007.
AvivaTower, Sector Road, Opposit Golf n Kumar
Course,
DLF-Phase V, Sector-43,
Gurgaon - 122 003

Sahara India Life Insurance Co, Ltd. Mr. N. P. Mr. Pravir Tel: 0522-2337777
SaharaIndia Bhawan, Bali CEO Chandra Fax: 0522-2378200
Kopoorthala Complex, (Officiating)
Lucknow 226024

Shriram Life Insurance Co, Ltd. Mr R Mr. Theo Tel: 040-23434466-72

Regd. Office : 3-6-478, 3rd Floor, Anand Duruvasan Bernhard Fax: 040-23434488
Estate, Liberty Road, Himayat Nagar, Scheffler
Hyderabad - 500029

Bharti AXA Life Insurance Company Ltd. Mr. Milind Mr. Tel: 022 – 40306300/6301
601-602 6th Floor, Chalisgaonka Venkatasubr Fax: 022 - 40306347
Raheja Titanium r amanian
Off Western Express Highway
Goregaon (E)
Mumbai – 400 063

Future Generali India Life Insurance Mr. Deepak Mr. D Sai Tel No.:
Company Limited Sood Srinivas
022-40976666
001, Delta Plaza, Ground Floor, 414, Veer
Sarvarkar Marg, Prabhadevi, Fax No.:
Mumbai 400 025.
022-40976600

IDBI Federal Life Insurance Company Ltd., Mr. G.V. Mr. Michael Tel No.:
Nageswara J Wood 022-24908109/10
Tradeview, Oasis Complex, Kamala City, Rao
P.B. Marg, Fax No.:
Lower Panel (W), 022-24941016
Mumbai-400 013

Canara HSBC Oriental Bank of Commerce Mr. Harpal S. Mr. Chirag Tel: 0124– 44535506
Life Insurance Company Ltd. Karlcut Shamji Fax: 0124-44535999
1st Floor, B Block, First India Place, Vatika Rathod
Tower, MG Road,
Sushant Lok, Phase I
Gurgaon 122002

AEGON Religare Life Insurance Company MR. Rajiv Mr. K.S. Tele No.-
Limited. Jamkhedkar Gopalakrish 022-67292929
GYS Heights, 2nd Floor, Paranjpe “B” nan Fax No.-
Scheme, Subhash Road, Near Garware 022 67293333
House,
Vile Parle (E), Mumbai – 400 057

DLF Pramerica Life Insurance Co. Ltd. Mr. Kapil Mr. Pradeep Ph. No.-
Mehta (MD Kumar 0124-4697000
4th Floor Tower B, Building No.-9, & CEO) Thapliyal
DLFCyberCity, Phase-III, Fax No.-
Gurgaon-122002. 0124-4697100 / 200
Star Union Dai-ichi Life Insurance Co. Mr. Kamalji Mr. I Phone: 022-39546211 e-mail: ceo@sudlife.in
Ltd., Star House, 3rd Floor, (West Wing), Sahay (MD & SAMBASIV
C-5,Bandra-Kurla Complex, Bandra (East), CEO) A RAO
Mumbai 400 051
IndiaFirst Life Insurance Company Limited Dr. P. Mr. Chandan Phone: 022 39418700
301, 'B' Wing, The Qube, Infinity Park, Nandagopal Kumar
Dindoshi - Film City Road, Khasnobis Fax: 022 33259500
Malad (East), Mumbai - 400 097.

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 October 2010
Date Ref. No Title Short Description Download

Bajaj Allianz Life Insurance Co.

12-10-2010 Bajaj Allianz Life Products Ltd.

[9.64KB]

Birld Sun
12-10-2010 Life Product Birla Sun Life Insurance Co. Ltd
Life

HDFC HDFC Standard Life Insurance

12-10-2010 Life Product Co. Ltd
Standard

[82.32KB]

ICICI ICICI Prudential Life Insurance

12-10-2010 Life Product Co. Ltd
Prudential

[292.07KB]

ING Vysya Life Insurance

12-10-2010 ING Vysya Life Product Company

[60.42KB]

Life Insurance Corporation of

12-10-2010 LIC LIfe Product India

[108KB]

Max New York Life Insurance

12-10-2010 MNYL Life Product Co. Ltd

[77.72KB]
 Met Life India Insurance
12-10-2010 Met Life Life Product Company Ltd.

[69.13KB]

Kotak Kotak Mahindra Old Mutual

12-10-2010 Life Product Life Insurance Limited
Mahindra

[94.81KB]

12-10-2010 SBI Life Product SBI Life Insurance Co. Ltd.

[76.4KB]

Tata AIG Life Insurance

12-10-2010 Tata AIG Life Product Company Limited

[91.4KB]

Reliance Life Insurance

12-10-2010 Reliance Life Product Company Limited

[80.03KB]

Aviva Life Insurance Co. India

12-10-2010 Aviva Life Product Ltd.

[80.87KB]

Sahara India Life Insurance Co.

12-10-2010 Sahara Life Product Ltd.

[39.19KB]
12-10-2010 Shriram Life Product Shriram Life Insurance Co. Ltd.

[36.05KB]

Bharti AXA Life Insurance Co.

12-10-2010 Bharti AXA Life Insurance Ltd.

[9.63KB]

Future Future Generali India Life

12-10-2010 Life Product Insurance Co. Ltd.
Generali

[9.73KB]

Canara HSBC Oriental Bank of

Canara
12-10-2010 Life Product Commerce Life Insurance Co.
HSBC Ltd.

[33.14KB]

AEGON AEGON Religare Life Insurance

12-10-2010 Life Product Company Limited
Religare

[9.64KB]

Star Union Dai-ichi Life

12-10-2010 Star Union Life Product Insurance Company Ltd.

[42.4KB]

India First Life Insurance

12-10-2010 India First Life Product Company Ltd.

[24.49KB]
 IDBI Federal Life Insurance
12-10-2010 IDBI Federal Life Product Company Ltd.

[100.46KB]

DLF Pramerica Life Insurance

12-10-2010 DLF Life Product Co. Ltd.

[43.19KB]

Visitors count: 429405 © 2010 Insurance Regulatory and Development Authority. All Right Reserved

Functions of Ombudsman

Ref: -- Date: 11-08-2003

Brief note on the functioning of the offices of the Insurance Ombudsman
The institution of Insurance Ombudsman was created by a Government of India
Notification dated 11th November, 1998 with the purpose of quick disposal of the
grievances of the insured customers and to mitigate their problems involved in redressal
of those grievances. This institution is of great importance and relevance for the protection
of interests of policy holders and also in building their confidence in the system. The
institution has helped to generate and sustain the faith and confidence amongst the
consumers and insurers.

Appointment of Insurance Ombudsman

The governing body of insurance council issues orders of appointment of the insurance
Ombudsman on the recommendations of the committee comprising of Chairman, IRDA,
Chairman, LIC, Chairman, GIC and a representative of the Central Government. Insurance
council comprises of members of the Life Insurance council and general insurance council
formed under Section 40 C of the Insurance Act, 1938. The governing body of insurance
council consists of representatives of insurance companies.

Eligibility

Ombudsman are drawn from Insurance Industry, Civil Services and Judicial Services.

Terms of office

An insurance Ombudsman is appointed for a term of three years or till the incumbent
attains the age of sixty five years, whichever is earlier. Re-appointment is not permitted..

Territorial jurisdiction of Ombudsman

he governing body has appointed twelve Ombudsman across the country allotting them
different geographical areas as their areas of jurisdiction. The Ombudsman may hold
sitting at various places within their area of jurisdiction in order to expedite disposal of
complaints. The offices of the twelve insurance Ombudsmans are located at (1) Bhopal,
(2) Bhubaneswar, (3) Cochin, (4) Guwahati, (5) Chandigarh, (6) New Delhi, (7) Chennai,
(8) Kolkata, (9) Ahmedabad, (10) Lucknow, (11) Mumbai, (12) Hyderabad. The areas of
jurisdiction of each Ombudsman has been mentioned in the list of Ombudsman.

Office Management

The Ombudsman has a secretarial staff provided to him by the insurance council to assist
him in discharging his duties. The total expenses on Ombudsman and his staff are
incurred by the insurance companies who are members of the insurance council in such
proportion as may be decided by the governing body.

Removal from office

An Ombudsman may be removed from service for gross misconduct committed by him
during his term of office. The governing body may appoint such person as it thinks fit to
conduct enquiry in relation to misconduct of the Ombudsman. All enquiries on misconduct
will be sent to Insurance Regulatory and Development Authority which may take a
decision as to the proposed action to be taken against the Ombudsman. On
recommendations of the IRDA, the Governing Body may terminate his services, in case he
is found guilty.