B Com Exam > B Com Notes > Financial Markets and Institutions > Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions
Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions | Financial Markets and Institutions - B Com PDF Download
IRDA - Insurance Regulatory Development and Authority is the statutory, independent and apex body that governs and supervise the Insurance Industry in India.
It was constituted by Parliament of India Act called Insurance Regulatory and Development Authority of India (IRDA of India) after the formal declaration of Insurance Laws (Amendment) Ordinance 2014, by the President of India Pranab Mukherjee on December 26,2014.
Establishment:
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IRDA Act was passed upon the recommendations of Malhotra Committee report (7 Jan,1994), headed by Mr R.N. Malhotra (Retired Governor, RBI)
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Main Recommendations - Entrance of Private Sector Companies and Foreign promoters & An independent regulatory authority for Insurance Sector in India
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In April,2000, it was set up as statutory body, with its headquarters at New Delhi.
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The headquarters of the agency were shifted to Hyderabad, Telangana in 2001.
Objectives of IRDA:
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To promote the interest and rights of policy holders.
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To promote and ensure the growth of Insurance Industry.
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To ensure speedy settlement of genuine claims and to prevent frauds and malpractices
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To bring transparency and orderly conduct of in financial markets dealing with insurance.
Organisational Setup of IRDA:
IRDA is a ten member body consists of :
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One Chairman (For 5 Years & Maximum Age - 60 years )
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Five whole-time Members (For 5 Years and Maximum Age- 62 years)
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Four part-time Members (Not more than 5 years)
The chairman and members of IRDAI are appointed by Government of India.
The present Chairman of IRDAI is Mr T.S Vijayan.
Functions And Duties of IRDA:
Section 14 of IRDA Act,1999 lays down the duties and functions of IRDA:
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It issues the registration certificates to insurance companies and regulates them.
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It protects the interest of policy holders.
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It provides license to insurance intermediaries such as agents and brokers after specifying the required qualifications and set norms/code of conduct for them.
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It promotes and regulates the professional organisations related with insurance business to promote efficiency in insurance sector.
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It regulates and supervise the premium rates and terms of insurance covers.
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It specifies the conditions and manners, according to which the insurance companies and other intermediaries have to make their financial reports.
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It regulates the investment of policyholder's funds by insurance companies.
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It also ensures the maintenance of solvency margin (company's ability to pay out claims) by insurance companies.
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FAQs on Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions - Financial Markets and Institutions - B Com
| 1. What is the role of the Insurance Regulatory Development and Authority (IRDA)? |  |
Ans. The Insurance Regulatory Development and Authority (IRDA) is a regulatory body in India that oversees and regulates the insurance industry. Its main role is to protect the interests of policyholders, promote the growth and development of the insurance sector, and ensure the financial stability of insurance companies.
| 2. What are the functions of the Insurance Regulatory Development and Authority (IRDA)? | |
Ans. The IRDA performs several functions, including issuing licenses to insurance companies and intermediaries, regulating the premium rates and terms of insurance policies, monitoring the solvency and financial performance of insurers, and resolving disputes between policyholders and insurance companies. It also promotes consumer education and awareness about insurance products and regulates the conduct of insurance agents and other intermediaries.
| 3. How does the Insurance Regulatory Development and Authority (IRDA) contribute to the development of financial markets? | |
Ans. The IRDA plays a crucial role in the development of financial markets by regulating and supervising insurance companies. By ensuring that insurers maintain adequate financial strength and solvency, the IRDA helps to instill confidence in the market and promotes stability. This, in turn, attracts investments and encourages the growth of the insurance sector, which is an integral part of the overall financial market.
| 4. What are the benefits of having a regulatory body like the Insurance Regulatory Development and Authority (IRDA)? | |
Ans. The presence of a regulatory body like the IRDA brings several benefits. It protects the interests of policyholders by ensuring fair market practices, preventing fraud, and resolving disputes. It promotes healthy competition among insurance companies, leading to better products and services for consumers. The IRDA also helps to maintain the stability of the insurance sector, which is crucial for the overall financial system. Additionally, it provides a platform for policyholders to voice their grievances and seek redressal.
| 5. How can individuals and businesses benefit from the regulations imposed by the Insurance Regulatory Development and Authority (IRDA)? | |
Ans. Individuals and businesses can benefit from the regulations imposed by the IRDA in various ways. The regulations ensure that insurance policies are transparent, and the terms and conditions are fair. This helps individuals make informed decisions and choose the most suitable insurance products. The regulations also protect businesses from fraudulent practices and ensure that their insurance claims are processed in a timely manner. Moreover, the financial stability and supervision provided by the IRDA instill confidence in policyholders and encourage them to invest in insurance products for their long-term financial security.
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