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Duties and Power of IRDAI

The document outlines the powers and functions of the Insurance Regulatory and Development Authority of India (IRDAI). Key responsibilities include issuing certificates of registration to insurance companies and agents, protecting policyholder interests, regulating qualifications and conduct of insurance professionals, promoting efficiency in the insurance industry, supervising tariffs, regulating solvency margins and fund investments of insurers, and adjudicating disputes. IRDAI also has powers to levy fees, conduct inquiries and audits, and specify the percentage of business undertaken in rural/social sectors.

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Saurabh Chaudhari
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195 views6 pages

Duties and Power of IRDAI

The document outlines the powers and functions of the Insurance Regulatory and Development Authority of India (IRDAI). Key responsibilities include issuing certificates of registration to insurance companies and agents, protecting policyholder interests, regulating qualifications and conduct of insurance professionals, promoting efficiency in the insurance industry, supervising tariffs, regulating solvency margins and fund investments of insurers, and adjudicating disputes. IRDAI also has powers to levy fees, conduct inquiries and audits, and specify the percentage of business undertaken in rural/social sectors.

Uploaded by

Saurabh Chaudhari
Copyright
© © All Rights Reserved
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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Duties power and functions

of IRDAI
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.

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