Irda

Powerful Essays
Topics: Insurance
IRDA
Presented By: Arshi Mumtaz Alka Jha Devesh Anand Manisha Dehuri Sunil Basantani
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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.

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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.

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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.

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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.
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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

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EXPECTATIONS
The law of India has

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