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ANNUAL REPORT 2007-08

in the prescribed format for the purpose. The Insurance Surveyors and Loss Assessors (Licensing, Professional Requirements and Code of Conduct) Regulations, 2000 lay down the process of application for procurement of licence.

During the last financial year, the Authority has enrolled 773 applicants as Trainee surveyors and issued 286 fresh licenses to trainee surveyors on completion of practical training and passing of the requisite examinations. The Authority also received 1907 requests for renewal of licences during the last financial year 2007-08 and 1651 licenses have been renewed and issued on fulfilment of all the Regulatory requirements. Further, for the first half of 2008-09, 1178 requests for renewals have been received and 1201 requests have been processed and issued renewed licenses.

iii) Litigations, appeals and court pronouncements

The legal department is involved in the policy formulation in respect of the Insurance Laws (Amendment) Bill) as also the vetting and drafting of the IRDA Regulations and its amendments and Circulars/Guidelines/Memorandum issued by IRDA

Total no. of cases filed before the Supreme Court of India, the various High Courts, Consumer Courts, Civil Courts and MACT during the period April, 2007 to March, 2008 are 78. The break-up for the same is provided below:

No. of cases filed in the Supreme Court 3 No. of cases filed in various High Courts 53

No. of Writ Appeals filed in various High 1 Courts

No. of Review Petitions filed in various High Courts

1

No. of Consumer Cases filed No. of Civil Cases filed No. of MACT cases filed

17 3 ——

No. of Writ Petitions disposed of by various High Courts

Without directions to IRDA

No. of Writ Appeals disposed of No. of Consumer Cases disposed of No. of Civil / MACT cases disposed of

21 3 —-

With directions to IRDA

9 1 —-

The nature of the litigations are

  • Challenge to the vires of the IRDA Act/Insurance Act and the Regulations made there under as also the memorandum/circulars issued by IRDA

  • Enforcement actions viz. issuance of directions, levy of monetary penalties as also suspension/cancellation of licenses and certificate of registration granted to brokers, intermediaries, insurers etc

  • Non- enforcement actions where the focus of issues inter alia involves :-

    • (i)

      Policyholder related issues

      • -

        Repudiation of claims arising from policies

      • -

        Assignment and Transfer

      • -

        Nomination

      • -

        Non redressal of grievances

    • (ii)

      Surveyor’s categorization

    • (iii)

      Enhancement of motor insurance premium rates for third

party liability

  • (iv)

    Non payment of agency commission

  • (v)

    Termination of agency

Regulatory help: The department helps the operational departments on issues relating to

  • initiation of enforcement and non-enforcement related actions policies of the regulator and interpretation of the Insurance laws.

  • to show cause notices to be issued by the operational departments

  • parliamentary references.

It also provides legal advice on matters arising in references filed under the RTI Act.

iv) International Cooperation in Insurance-International Association of Insurance Supervisors (IAIS)

The International Association of Insurance Supervisors (IAIS) was established in 1994 to promote cooperation among insurance supervisors and other financial sector supervisors. Over the years, the membership has grown and insurance supervisors from over 180 jurisdictions became members and over 100 organisations and individuals representing professional

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