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Presented By:
Sanju Mishra
BBA-Semester-5
Submitted to:
Avinash Mishra
Asst. Professor
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Introduction of IRDA
Constitution of IRDA
Mission statement of IRDA
Objectives of IRDA
Functions, duties and powers of IRDA
Laws and regulations
CONTENT
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In april 1993, the government of India appointed a committee of
Reforms in insurance sector with Shri. R.N. Malhotra, a former
governor of Reserve Bank Government of India in January 1994.In
accordance with the recommendations of the committee, thegovernment set up a regulatory body known as Insurance
Regulatory and Development Authority and enacted the Act known
as Insurance Regulatory and Development Act, 1999.
INTRODUCTION OF IRDA
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IRDA consists of:
i. A chairman
ii. Not more than 5 whole time membersiii. Not more than 4 part time members to be appointed by
central government.
CONSTITUTION OF IRDA
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To protect the interest of and secure fair treatment topolicyholders.
To bring about speedy and orderly growth
To set, promote monitor , and enforce high standards of
integrity.To take actions where standards are inadequate orineffectively enforced.
To ensure speedy settlement of insured claims.
MISSION STATEMENT OF IRDA
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i. Take care of the policyholders interest.
ii. Open the insurance sector for private sector.
iii. Ensure continued financial soundness and solvency.
iv. Regulate insurance and reinsurance companies.v. Eliminate dishonesty and unhealthy competition.
vi. Supervise the activities of intermediaries.
vii. Amend the insurance act 1938 ,the Life Insurance
Corporation Act1956, and the General Business Act1972.
OBJECTIVES OF IRDA
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To issue certificate of registration.
To protect the interests of the policyholders.
To specify requisite qualifications code of conduct and
training for insurance intermediaries and agents.
To specify code of conduct for Surveyors/ Loss Assessors.
FUNCTIONS, DUTIES & POWER OF
IRDA
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To promote efficiency in the conduct of insurance
business.
To supervise the functioning of Tariff Advisory
Committee.
To regulate investment of funds by the insurance
companies.
To undertake inspection, conduct enquiries and
investigations.
Functions Cont...
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To specify the percentage of Life and General
Insurance business.
To promote and regulate professional organizations
connected with the insurance and reinsurance.
To specify the form and manner for maintenance of
books of accounts.
Functions Cont
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To prescribe the manner and form in whichaccounts will be maintained and submitted byinsurers and intermediaries.
To regulate maintenance of margin of solvency.
Functions Cont
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Functions Cont
To levy fees & other charges for carrying out
the purposes of this act.
To adjudication of disputes between insurers &
intermediaries or insurance intermediaries.
To specify the percentage of premium income
of the insurer financial schemes for promoting
& regulating professional organization.
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Insurance Act, 1938
Life Insurance Corporation Act, 1956
Insurance Regulatory and Development Authority
Act,1999
Consumer Protection Act, 1986
Income Tax Act
Marriage Womens Property Act, 1874
LAWS AND REGULATIONS
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