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IRDA

The document outlines the objectives, duties, and powers of the Insurance Regulatory and Development Authority (IRDA) according to the Insurance Regulatory and Development Authority Act of 1999. The main objectives of the act are to establish the IRDA, protect insurance policyholders' interests, promote orderly growth of the insurance industry, and amend several related acts. The duties and powers of the IRDA include regulating and promoting the insurance business, issuing certificates, protecting policyholders, regulating funds, adjudicating disputes, and specifying codes of conduct.

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535 views4 pages

IRDA

The document outlines the objectives, duties, and powers of the Insurance Regulatory and Development Authority (IRDA) according to the Insurance Regulatory and Development Authority Act of 1999. The main objectives of the act are to establish the IRDA, protect insurance policyholders' interests, promote orderly growth of the insurance industry, and amend several related acts. The duties and powers of the IRDA include regulating and promoting the insurance business, issuing certificates, protecting policyholders, regulating funds, adjudicating disputes, and specifying codes of conduct.

Uploaded by

shushalendra_6737803
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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IRDA

Objectives, Duties, Powers & functions

The Insurance Regulatory and Development Authority Act, 1999


The main objects of the Act are: (i) To provide for the establishment of IRDA; (ii) To protect the interests of insurance policies holders; (iii) To promote & ensure orderly growth of the insurance industry; & (iv) To amend the Insurance Act, 1938, LIC Act, 1956 and General Insurance Business (Nationalization) Act, 1956.

The Duties, Powers & functions of the IRDA


(i)

(ii)

(iii) (iv) (v) (vi)

To regulate, promote and ensure orderly growth of the insurance business and reinsurance business; To issue to the applicant a certificate of registration, to renew, modify, withdraw, suspend or cancel such registration; To protect the interests of the policy holders; To promote efficiency; To regulate investment of funds by the insurance companies; To adjudicate disputes between insurer and intermediaries.

(vii) To specify the code of conduct for surveyors and loss assessors. (viii) To promote and regulate professional organization connected with the insurance and reinsurance business. (ix) To exercise such other powers as may prescribed.

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