Page 19 - Insurance Times July 2016

IMPACTS OF VARIOUS
IRDAI INITIATIVES,
ENDEAVOURS& NEW
REGULATIONS BEING
IN PLACE FOR INDIAN
INSURANCE SECTOR

Introduction: 2. To ensure protection of Policy-holders' interest.

IRDA (currently referred as IRDAI) came in existence after 3. To specify requisite qualification, code of conduct and
the enactment of IRDA Act, 1999 by parliament. The mis- Practical Training to for the Intermediaries / Agents.
sion of IRDA is to protect the interests of policy-holders to
regulate, promote and ensure orderly growth of Insurance 4. Promoting efficiency in the conduct of Insurance Busi-
Industry and for the matters connected therewith or inci- ness.
dental thereto.
5. Promoting and Regulating professional organization
IRDA is the watchdog and controller of the insurance industry connected with Insurance Business.
in India and it works to bring better regulations for the wel-
fare of policyholders. IRDA is a statutory body that regulates 6. Specifying Code of Conduct for Surveyor & Loss Asses-
the insurance sector in India, to protect the interests of policy- sor.
holders, while ensuring growth of the insurance industry.
7. Levying fees and other charges for carrying out purpose
The duties and functions of IRDA include the fol- of the IRDA Act.
lowing:-
8. Regulating investment of funds of Insurance Companies.
1. To issue to the applicant Certificate of Registration, re-
new, modify, cancel, and suspend such registration. 9. Calling information, conducting enquiry, investigation,
audit, inspection of insurers and other Organizations
About the author connected with Insurance Business.

Anabil Bhattacharya 10. Control / Regulation of Rates, Terms, Conditions and
Advantages of Products offered by Indian Insurers.
B.M.E.(Hons.), F.I.I.I.
Chief Manager, 11. Specifying Form and Manner in which Books of Accounts
Head Office, N.I.C.L. and Statement of Accounts to be maintained by Insur-
Kolkata ers and Intermediaries.

12. Regulating Maintenance of Solvency Margin of Insur-
ers.

The Insurance Times, July 2016 19