General Insurance &

IRDA
Vedika Mohite
Trunali Tilve
Insurance Regulatory
Development Authority (irda)
• The Insurance Regulatory and Development
Authority of India (IRDAI) is an autonomous,
statutory body tasked with regulating and
promoting the insurance and re-insurance
industries in India.
• It was constituted by the Insurance Regulatory and
Development Authority Act, 1999.
• An Act of Parliament passed by the Government of
India.
Duties, Powers & Regulations of
irda
• Issuing, renewing, modifying, withdrawing,
suspending or cancelling registrations
• Protecting policyholder interests
• Specifying qualifications, the code of conduct and
training for intermediaries and agents
• Specifying the code of conduct for surveyors and
loss assessors
• Promoting efficiency in the conduct of insurance
businesses
continued.....
• Promoting and regulating professional organisations
connected with the insurance and re-insurance industry
• Levying fees and other charges
• Inspecting and investigating insurers, intermediaries
and other relevant organisations
• Regulating rates, advantages, terms and conditions
which may be offered by insurers not covered by the
Tariff Advisory Committee under section 64U of the
Insurance Act, 1938 (4 of 1938)
• Specifying how books should be kept
continued.....
• Regulating company investment of funds
• Regulating a margin of solvency
• Adjudicating disputes between insurers and
intermediaries or insurance intermediaries
• Supervising the Tariff Advisory Committee
• Specifying the percentage of premium income to
finance schemes for promoting and regulating
professional organisations
continued.....
• Specifying the percentage of life- and general-
insurance business undertaken in the rural or social
sector
• Specifying the form and the manner in which books
of accounts shall be maintained, and statement of
accounts shall be rendered by insurers and other
insurer intermediaries.
General Insurance

• Insurance contracts that do not come under the

ambit of life insurance are called general insurance.
• The different forms of general insurance are motor,
health, travel, home & commercial.
Motor Insurance
• Motor insurance widely encompasses private car
insurance, two-wheeler insurance, commercial
vehicle insurance and all other types of road
transport vehicles.
• In India, it is mandatory to own a motor insurance
policy for any type of vehicle.
• This is because driving a vehicle without a valid
insurance plan is a punishable offence as per the
Motor Vehicles Act, 1988.
This Photo by Unknown Author is licensed under CC BY
Health Insurance
• Health insurance, also called, medical insurance or
simply mediclaim, covers the cost of an individual's
medical and surgical expenses. The individual pays
a fixed sum (premium), every year for the health
cover.
• There are three types of health insurance:-
1.Hospitalization Plans
2.Hospital Daily Cash Benefit Plans
3.Critical Illness Plans
This Photo by Unknown Author is licensed under CC BY-SA
Travel Insurance
• Travel insurance is insurance that is intended to
cover medical expenses, trip cancellation, lost
luggage, flight accident and other losses incurred
while traveling, either internationally or
domestically.
 Home insurance

This Photo by Unknown Author is licensed under CC BY-SA

Home Insurance
• Home insurance, also commonly called homeowner's
insurance, is a type of property insurance that covers
a private residence.
• It is an insurance policy that combines various
personal insurance protections, which can include
losses occurring to one's home, its contents, loss of
use, or loss of other personal possessions of the
homeowner, as well as liability insurance for
accidents that may happen at the home or at the
hands of the homeowner within the policy territory.
This Photo by Unknown Author is licensed under CC BY-SA
Commercial Insurance
• Commercial general liability insurance is a broad
type of insurance policy which provides liability
insurance for general business risks.
• It specifically excludes certain types of risks,
including professional services, pollution, liquor,
and directors and officers liability,[2] and separate
insurance policies are available to cover these
situations.
Fire insurance
• Fire insurance is property insurance that covers
damage and losses caused by fire. The purchase of
fire insurance in addition to homeowner’s or
property insurance helps to cover the cost of
replacement, repair, or reconstruction of property,
above the limit set by the property insurance
policy. Fire insurance policies typically contain
general exclusions, such as war, nuclear risks, and
similar perils.
Thank
You