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A Presentation on
Insurance Regulatory & Development Authority
By .
Introduction
The Insurance Regulatory and Development Authority (IRDA) is a
national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is "to protect the interests of the Policyholders, to regulate, promote and ensure orderly growth of the Insurance industry and for matters connected therewith or incidental thereto.
In 2010, the Government of India ruled that the Unit Linked Insurance
Plans (ULIPs) will be governed by IRDA, and not the market regulator Securities and Exchange Board of India
regulation of the insurance business in India. It created a powerful supervisory authority in the advice, caution, investigate, inspect, search, seize, amalgamate, authorize, registered and liquidate insurance companies.
only. 6) Registration.
Contd.
7) Renewal of registration. 8) Capital adequacy requirement.
9) Deposit(sec. 7).
10) Account & Balance sheet. 11) Investment of assets(sec. 27).
Contd.
13) Power of investigation & inspection. 14) Limitation of expenditure on commission.
Contd.
(e):- promoting efficiency in the conduct of insurance business; (f) :-promoting and regulating professional organisations connected with the insurance and re-insurance business; (g):-levying fees and other charges for carrying out the purposes of this Act; (h):-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;
Contd.
(I):-regulating investment of funds by insurance companies; (J):-regulating maintenance of margin of solvency; (K):-adjudication of disputes between insurers and intermediaries of insurance intermediaries; (L):-supervising the functioning of the Tariff Advisory Committee; (M):-specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause; (N):-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.
Advisory committee..
RDA consists of a Chairman and some permanent as well as part time members. The regulations, however, are enacted under the guidance of a statutory advisory committee. The advisory committee consists of following individuals and ex-officio authorities:
Chairman: Hari Narayan J is the current Chairman of IRDA. Full-time Members: Currently, they are Mr M. Ramaprasad (Nonlife Member), Sri G Prabhakara (Life Member), Dr R Kannan(Member, Actuary) and Sri R.K. Nair (Member, F & I). There is provision for a panel of other members and part time
members. IRDA formed a high powered Insurance Law Reforms Committee known as KPN Committee with important insurance advisors like Mr N Govardhan and Dr K C Mishra as its members. There were also a few non-advisory committee members like Mr Liaquat Khan and Mr T Viswanathan etc.
process. It is felt in the market that placing of retired civil servants as IRDA Chairman has served the purpose of administrative fiefdom of the regulator. Mostly, the regulator has become passive to market realities and most of the original public policy intentions have been systematically replaced by personal preferences. There seems to be no oversight of public policy erosions. Taking advantage of the completion of term of current incumbent, there seem to be an attempt to correct the future course but people do not perceive any outcome to result as the market does not seem to throw up candidates of the stature of Howard Davies for Indian market. But a right leadership is the solution to the requirement of this booming market.
External links
http://www.irda.gov.in/Defaulthome.aspx?page=H1 http://www.irdaindia.org/irdajournal.htm
Thank you