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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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.
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.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPTX, PDF, TXT or read online from Scribd
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.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPTX, PDF, TXT or read online from Scribd
Download as pptx, pdf, or txt
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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.
