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:
-
IRDA Act was passed upon the recommendations of Malhotra Committee report (7 Jan,1994), headed by Mr R.N. Malhotra (Retired Governor, RBI)
-
Main Recommendations - Entrance of Private Sector Companies and Foreign promoters & An independent regulatory authority for Insurance Sector in India
-
In April,2000, it was set up as statutory body, with its headquarters at New Delhi.
-
The headquarters of the agency were shifted to Hyderabad, Telangana in 2001.
Objectives of IRDA:
-
To promote the interest and rights of policy holders.
-
To promote and ensure the growth of Insurance Industry.
-
To ensure speedy settlement of genuine claims and to prevent frauds and malpractices
-
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 :
-
One Chairman (For 5 Years & Maximum Age - 60 years )
-
Five whole-time Members (For 5 Years and Maximum Age- 62 years)
-
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:
-
It issues the registration certificates to insurance companies and regulates them.
-
It protects the interest of policy holders.
-
It provides license to insurance intermediaries such as agents and brokers after specifying the required qualifications and set norms/code of conduct for them.
-
It promotes and regulates the professional organisations related with insurance business to promote efficiency in insurance sector.
-
It regulates and supervise the premium rates and terms of insurance covers.
-
It specifies the conditions and manners, according to which the insurance companies and other intermediaries have to make their financial reports.
-
It regulates the investment of policyholder's funds by insurance companies.
-
It also ensures the maintenance of solvency margin (company's ability to pay out claims) by insurance companies.
The document Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions | Financial Markets and Institutions - B Com is a part of the B Com Course Financial Markets and Institutions.
All you need of B Com at this link: B Com
|
52 docs|13 tests
|
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.
Related Exams
About this Document
|
1.4K Views |
|
4.78/5 Rating |
|
Nov 22, 2024 Last updated |
Document Description: Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions for B Com 2024 is part of Financial Markets and Institutions preparation.
The notes and questions for Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions have been prepared according to the B Com exam syllabus. Information about Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions covers topics
like and Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions Example, for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions.
Introduction of Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions in English is available as part of our Financial Markets and Institutions
for B Com & Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions in Hindi for Financial Markets and Institutions course.
Download more important topics related with notes, lectures and mock test series for B Com
Exam by signing up for free. B Com: Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions | Financial Markets and Institutions - B Com
Description
Full syllabus notes, lecture & questions for Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions | Financial Markets and Institutions - B Com - B Com | Plus excerises question with solution to help you revise complete syllabus for Financial Markets and Institutions | Best notes, free PDF download
Information about Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions
In this doc you can find the meaning of Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions defined & explained in the simplest way possible. Besides explaining types of
Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions theory, EduRev gives you an ample number of questions to practice Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions tests, examples and also practice B Com
tests
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
practice quizzes
,Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions | Financial Markets and Institutions - B Com
,Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions | Financial Markets and Institutions - B Com
,Exam
,Previous Year Questions with Solutions
,past year papers
,Free
,Viva Questions
,video lectures
,mock tests for examination
,Sample Paper
,Extra Questions
,Semester Notes
,MCQs
,ppt
,study material
,Important questions
,shortcuts and tricks
,Summary
,Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions | Financial Markets and Institutions - B Com
,Objective type Questions
;
Additional Information about Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions for B Com Preparation
Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions Free PDF Download
The Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions is an invaluable resource that delves deep into the core of the B Com exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions now and kickstart your journey towards success in the B Com exam.
Importance of Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions
The importance of Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions cannot be overstated, especially for B Com aspirants.
This document holds the key to success in the B Com exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions Notes
Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions Notes on EduRev are your ultimate resource for success.
Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions B Com Questions
The "Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions B Com Questions" guide is a valuable resource for all aspiring students preparing for the
B Com exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions on the App
Students of B Com can study Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Insurance Regulatory Development and Authority(IRDA) - Financial Markets and Institutions is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup