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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY - page 6 / 228

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ANNUAL REPORT 2007-08

  • (iii)

    Litigations, appeals and court pronouncements

  • (iv)

    International cooperation in insurance

  • (v)

    Public complaints

  • (vi)

    Insurance Associations and Insurance Councils

  • (vii)

    Functioning of Ombudsman

  • (viii)

    Committees

  • (ix)

    Review of the advisory functions performed by the Authority

PART III STATUTORY FUNCTIONS OF THE AUTHORITY

  • a.

    Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration.

  • b.

    Protection of the interests of the policyholders in matters concerning assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance.

  • c.

    Specifying requisite qualifications, code of conduct and practical training for

d e. f.

g. h.

intermediary or insurance intermediaries and agents. Specifying the code of conduct for surveyors and loss assessors Promoting efficiency in the conduct of insurance business Promoting and regulating professional organizations connected with the insurance and reinsurance business Levying fees and other charges for carrying out the purposes of the Act 66 Calling for information from, undertaking inspection of, conducting enquiries

and investigation including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business

  • i.

    Control and regulation 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)

  • j.

    Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries

  • k.

    Regulating investment of funds by insurance companies

  • l.

    Regulating maintenance of margin of solvency

  • m.

    Adjudication of disputes between insurers and intermediaries or insurance intermediaries

  • n.

    Supervising the functioning of the Tariff Advisory Committee

  • o.

    Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause ‘f’

  • p.

    Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sectors

  • q.

    Exercising such other powers as may be prescribed

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