Insurance Concepts and IRDA [Insurance Regulatory and Development Authority] - Duties, Powers and Functions of IRDA

15
Average
3.8
Rating : 12345
Rate This Article : 1 2 3 4 5
RSS Email Print This Page Comment bookmark
Font : A-A+

Duties, Powers and Functions of IRDA

The duties, powers and functions of IRDA have been specified under Section 14 of IRDA Act, 1999. The IRDA Authority has the duty to promote, regulate and ensure orderly growth of the insurance and re-insurance businesses across India, subject to the provisions of this Act and any other additional law that is being enforced.

Without prejudice to the generality of the provisions contained in sub-section (1) of IRDA Act, the powers and functions of the Authority shall include:

► Issuing a certificate of registration to the applicant as well as modify, renew, withdraw, suspend or cancel any such registration that is deemed unfit.

► Protecting the interests of the policyholders in matters concerning assigning of insurance policy, nomination by policyholders, settlement of insurance claim, insurable interest, surrender value of policy and other terms and conditions based on contracts of insurance.

► Specifying requisite qualifications, practical training and code of conduct for insurance intermediaries, insurance brokers and agents.

► Specifying the code of conduct for surveyors and loss assessors.

► Promotion of efficiency in the conduct of insurance business.

► Promoting and regulating professional organizations connected with the insurance and re-insurance business across India.

► Levying fees, commission and other charges for carrying out the purposes of this Act.

► Calling for data or information from, undertaking inspection of, conducting enquiries and investigations, conducting audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business.

► Under section 64U of the Insurance Act, 1938 (4 of 1938), controlling and regulation of the rates, advantages, terms and conditions etc that may be offered by insurers (or Insurance Companies) in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee.

► Specifying the manner and form in which books of account shall be maintained and statement of accounts, financial statements etc shall be rendered by insurers and other insurance intermediaries.

► Keeping a tab, exercising control and regulating investment of funds by insurance companies.

► Regulating the maintenance of margin of solvency by the Insurers.

► Adjudication of disputes between insurers and intermediaries or insurance intermediaries, hospitals, healthcare organizations or with customers.

► To effectively supervise the functioning of the Tariff Advisory Committee.

► Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause (f);

► Specifying the percentage of life insurance business and general (or non-life) insurance business to be undertaken by the insurance company in the rural or social sector.

► Exercising any such other powers that may be prescribed with passage of time.

Post a Comment

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
Notify me when reply is posted
I agree to the terms and conditions
smlibra

I wish to lodge a complaint against SBI Insurance Co. Ltd. with you. How I can proceed in this matter. I am from Delhi. Sushma Malhotra.

IF I AM EMERGENCY ADMITE SERIAS CONDITION IN HOSPITAL.THAT TIME I AM NOT CHECK THE HOSPIRAL REGISTRATION and NOT COUNT NUMBER OF BEDS. and HOSPITAL HAS LESS THAN 10 BED REGISTRATION. CAN INSURANCE COPMANY REIMBURSMENT OF CLAIM ?

pinto

Dear Sir, I have a insurance policy Kotak Mahindra, and paid only one lakh and the other cheque when I sent out it came back undeliverable. I am an NRI. Now when I am writing to Kotak Mahindra regarding the reimbursement of my money they are not replying. Is there a email id or place where I can lodge a complain

Myself and my wife aged abot 70 Years [and in good Health so far] have Health Insurance Policy (presently of Rs. 2.25 each) for the last Ten Years with No Claim so far. It is due for renewal shortly. We propose to change Scheme to Family Medicare Policy Flotter subsequently. Will we get benefit of old Policy in the new scheme? De-facto, it is continuance of Health Policy with change of scheme only Jagdish

knowall

It is very good. After all, the Chairman of a regulatory body like the IRDA should have domain knowledge on Insurance. For far too long the country has suffered with retired IAS officers getting mansabs or sinecures as Chairmen of these bodies

View More Comments
Advertisement

Recommended Reading

Show More Related Topics

Health Topics A - Z

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Medindia Health Topics Search

Health Insurance

Medindia Newsletters

Subscribe to our Free Newsletters!

Terms & Conditions and Privacy Policy.

Find a Doctor

Doctor Search

Stay Connected

  • Available on the Android Market
  • Available on the App Store