We are expecting that, all of you are getting ready for the IBPS Clerk Mains to crack the exam. So the Team IG will provide perfect guidance for the Aspirants who need to overcome the competitive exams. Here we have provided the study notes based on IRDA – Insurance Regulatory and Development Authority for the General Awareness section.
Important Points about IRDA – Insurance Regulatory and Development Authority
Dear Readers, Here we have given the important points about IRDA – Insurance Regulatory and Development Authority of India, which was most, expected Topic for Upcoming IBPS, SBI, RBI exams. Candidates those who are preparing for competitive exams can make use of it.
History of IRDA:
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India and established in 1999. It was constituted by the Insurance Regulatory and Development Authority(IRDA) Act, 1999.
IRDA Act was passed based on the recommendations of Malhotra Committee report (1994), headed by Former Governor of RBI Mr R.N. Malhotra. Following the recommendations of the Malhotra Committee, in 1999 the Insurance Regulatory and Development Authority (IRDA) was constituted to regulate and develop the insurance industry and was incorporated in April 2000. The IRDAI’s headquartered in Hyderabad, Telangana, where it moved from Delhi in 2001.
Organisation Structure of IRDA:
The IRDA consists of ten members authority team. They are:
- a Chairman
- Five full-time members
- Four part-time members
All the members are appointed by the government of India. The current chairman of the IRDAI is T.S. Vijayan.
Functions of IRDA:
- The IRDA issuing to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration.
- Protection of the interests of the policy holders, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance.
- Specifying required qualifications, code of conduct and practical training for insurance intermediaries and agents.
- Specifying the code of conduct for surveyors and loss assessors.
- Developing efficiency in the conduct of insurance business.
- The IRDA regulating professional organisations connected with the insurance and re-insurance business.
- Levying fees and other charges for carrying out the purposes of the Act.
Responsibilities of IRDA:
- The IRDA 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.
- It regulate and control of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938).
- Regulating investment of funds by insurance companies and maintenance of margin of solvency.
- The IRDA adjudicate the disputes between insurers and intermediaries.
- Supervising the functioning of the Tariff Advisory Committee.
- Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector.
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