Irda

Only available on StudyMode
  • Download(s) : 34
  • Published : February 2, 2012
Open Document
Text Preview
IRDA
Presented By: Arshi Mumtaz Alka Jha Devesh Anand Manisha Dehuri Sunil Basantani 4/17/2011 IRDA Group 1 1

INTRODUCTION

The IRDA (Insurance Regulatory and Development Authority) is the national regulatory body for Insurance industry (both Life and Non-Life Insurance Companies) under the auspices of Government of India, situated at Hyderabad.

4/17/2011

IRDA Group 1

2

IRDA was established by an act enacted in Indian Parliament known as IRDA Act 1999 and was amended in 2002 to incorporate some emerging requirements as well as to overcome some deficiencies in the entire process.

4/17/2011

IRDA Group 1

3

MISSION
a) To protect the interests of the policyholders

b) To promote, regulate and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto c) Conduction of insurance businesses across India in an ethical manner.

4/17/2011

IRDA Group 1

4

BASIC PRINCIPLES RELATING TO MISCELLANEOUS INSURANCE
i. Utmost good faith - Duty of Disclosure, Material facts, Representations, Breaches of utmost good faith, Void, voidable and unenforceable contracts, case laws and court decisions ii. Insurable Interest - Importance of insurable interest, conditions fulfilling requirements of an insurable interest, persons having insurable interest (and nature of relationship), mandatory requirements for insurance in certain types of relationship. case laws and court decisions. 4/17/2011 IRDA Group 1 5

CONTINUEDu.
iii. Principle of Indemnity - Definition, Principles, only one indemnity for a single incident, prohibition of more than a single indemnity, case laws and court decisions iv. Subrogation & Contribution - Importance, how, when it arises and operates, case laws and court decisions v. Proximate / probable cause of loss - Doctrine of proximate cause, application of the doctrine, case laws and court decisions

4/17/2011

IRDA Group 1

6

EXPECTATIONS
The law of India has following expectations from IRDA... To protect the interest of and secure fair treatment to policyholders. To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy. To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates. 4/17/2011 IRDA Group 1 7

CONTINUEDu.
To ensure that insurance customers receive precise, clear and correct information about products and services and make them aware of their responsibilities and duties in this regard. To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery. To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players. 4/17/2011 IRDA Group 1 8

CONTINUEDu.
To take action where such standards are inadequate or ineffectively enforced. To bring about optimum amount of self-regulation in day to day working of the industry consistent with the requirements of prudential regulation.

4/17/2011

IRDA Group 1

9

DUTIES, POWERS AND FUNCTIONS OF IRDA
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. 1. Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include, -

4/17/2011

IRDA Group 1

10

CONTINUEDu.
issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or...
tracking img