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Duties

The document outlines the duties, powers, and functions of the Insurance Regulatory and Development Authority (IRDA) as defined in Section 14 of the IRDA Act of 1999. The key responsibilities of the IRDA include regulating, promoting, and ensuring the orderly growth of the insurance and reinsurance industries in India. Specifically, the IRDA regulates registration, qualifications, conduct, tariffs, accounts, investments, solvency, and disputes across insurers, intermediaries, and other organizations involved in insurance.

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103 views1 page

Duties

The document outlines the duties, powers, and functions of the Insurance Regulatory and Development Authority (IRDA) as defined in Section 14 of the IRDA Act of 1999. The key responsibilities of the IRDA include regulating, promoting, and ensuring the orderly growth of the insurance and reinsurance industries in India. Specifically, the IRDA regulates registration, qualifications, conduct, tariffs, accounts, investments, solvency, and disputes across insurers, intermediaries, and other organizations involved in insurance.

Uploaded by

sumit_p
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Duties, powers and functions of irda

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA..
 Subject to the provisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate, promote and ensure orderly growth of the
insurance business and re-insurance business.
1.      Without prejudice to the generality of the provisions contained in sub-section (1),
the powers and functions of the Authority shall include, -
   
o         issue to the applicant a certificate of registration, renew, modify,
withdraw, suspend or cancel such registration; 
o        protection of the interests of the policy holders in matters concerning
assigning of policy, nomination by policy holders, insurable interest,
settlement of insurance claim, surrender value of policy and other terms and
conditions of contracts of insurance; 
o        specifying requisite qualifications, code of conduct and practical training
for intermediary or insurance intermediaries and agents
o        specifying the code of conduct for surveyors and loss assessors; 
o        promoting efficiency in the conduct of insurance business; 
o        promoting and regulating professional organisations connected with the
insurance and re-insurance business; 
o        levying fees and other charges for carrying out the purposes of this Act; 
o        calling for information from, undertaking inspection of, conducting
enquiries and investigations including audit of the insurers, intermediaries,
insurance intermediaries and other organisations connected with the
insurance business;
o        control and regulation of the rates, advantages, terms and conditions that
may be offered by insurers in respect of general insurance business not so
controlled and regulated by the Tariff Advisory Committee under section
64U of the Insurance Act, 1938 (4 of 1938); 
o        specifying the form and manner in which books of account shall be
maintained and statement of accounts shall be rendered by insurers and other
insurance intermediaries; 
o        regulating investment of funds by insurance companies; 
o        regulating maintenance of margin of solvency; 
o        adjudication of disputes between insurers and intermediaries or insurance
intermediaries; 
o        supervising the functioning of the Tariff Advisory Committee; 
o        specifying the percentage of premium income of the insurer to finance
schemes for promoting and regulating professional organisations referred to
in clause (f); 
o        specifying the percentage of life insurance business and general insurance
business to be undertaken by the insurer in the rural or social sector; and 
o        exercising such other powers as may be prescribed

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