IRDA Analysis
INSURANCE HISTORY:- In India the concept of insurance has been known from a very long time. The Life Insurance Business in India began with the establishment of Oriental Life Insurance Company in Calcutta in the year 1818. The Indian Life Assurance Companies act 1912 was first statutory measure taken to regulate life Insurance business. In 1928, Indian Insurance Companies Act was enacted to enable the government to collect statistical information about life and non- life business transactions in India provided by both India and foreign insurance providers. The insurance amendment Act of 1950 had abolished principal agencies. An order was passed in 1956; Jan 19th to nationalizing the Life Insurance sector and by this Life Insurance Corporation …show more content…
Insurance Regulatory and Development Authority (IRDA) was formed as an autonomous body to regulate the insurance industry. IRDA was incorporated as a statutory body in April 2000. The key objective or IRDA is promotion of competition so as to enhance customer satisfaction through increasing customer choices and lowering premiums, and also ensuring financial security for insurance market.
IRDA started its operations in August 2000 with the invitation for application for registration. Foreign companies were allowed ownership up to 26%. IRDA has the authority and power to frame regulations under section 114A of Insurance Act, 1938 and it has formed various regulations starting from registration of companies for doing insurance business and to protect the interest of policy holders.
In December 2000 subsidiaries of the General Insurance Corporation of India were restructured as independent companies and same time General Insurance Corporation was converted into national re-insurer. By passing a bill in Parliament the 4 subsidiaries of General Insurance Corporation were de-linked in July
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The powers and functions of IRDA under section (1) includes:-
• IRDA has the right to issue application of certificate of registration, renewal, modify, withdraw, suspend or cancel the registration.
• IRDA is mainly concerned with the protection of interests of the policy holders in assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy terms and conditions of the insurance contract.
• Qualified intermediary and insurance agents have to be appointed and they are required to follow code of conduct and practical training.
• Surveyors and loss assessors have to follow specified code of conduct.
• Increasing the efficiency in conducting the insurance business.
• Insurance and re – insurance has to regulate and promote professional organizational business.
• Fees and other charges for carrying out the purpose of this Act.
• Information can be got relating to conducting enquiry and investigation including audit of the insurers, undertaking inspection of insurers, intermediaries, insurance intermediaries and other organizations which are connected with insurance
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