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Home Articles Insurance Regulatory and Development Authority (IRDA) Act 1999

Insurance Regulatory and Development Authority (IRDA) Act 1999

Mr. C.S. Sudheer | Posted On Tuesday, July 29,2008, 01:45 AM

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Insurance Regulatory and Development Authority (IRDA) Act 1999

 

 

An act to provide for the establishment of an authority to protect the interest of the holders of insurance policies, to regulate, promote and ensure orderly growth of insurance industry and for matters connected therewith or incidental there to and further to amend the insurance act 1938, the life insurance act 1956 and general insurance business (Nationalization) act 1972.

The Authority Consists of the Following Members:

1) A chairperson
2) Not more than 5 whole-time member
3) Not more than 4 part-time members

The whole-time members shall hold the office for 5 years or until the age of 62 years (65 for chairperson) and part-time members will hold office for not more than 5 years or until age of 62 years.

See Also: IRDA Does Not Sell Insurance Policies or Give Bonuses on Them

The Duties and Functions of the IRDA Would Be:

1) To regulate, promote and ensure orderly growth of the insurance business.
2) To exercise all powers and functions of the controller of insurance
3) To protect the interests of the policyholder in settlement of claims and conditions of policies.
4) To promote and regulate professional organization connected with insurance business.
5) To call for information from, undertake inspection and conduct investigations including audit of the insurers, intermediaries and other connected organizations and persons.
6) To control and regulate the rates and terms and condition that may be affected by insurers in respect of general insurance matters, not so controlled by the Tariff Advisory committee under section 64 (u) of the Insurance act.
7) To prescribe the manner and form in which accounts will be maintained and submitted by insurer and intermediaries.
8) To regulate investment of funds.
9) To regulate margins of solvency.
10) To adjudicate disputes between insurers and intermediaries.

See Also: IRDA Caps New Charges on ULIP

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