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Old September 27th, 2017, 09:28 AM
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Default Functions and Role of IRDA

I have cleared in Written Exam conducted by IRDA. Now I have selected for Interview. I want to know about this Organization. So someone is here who will tell me about Functions and Role of IRDA?
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Old September 27th, 2017, 11:09 AM
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Default Re: Functions and Role of IRDA

As you want to know about Functions and Roles of IRDA (Insurance Regulatory and Development Authority), so I am giving list of all functions and roles:

IRDA Functions and Roles:
Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;

Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents

Promoting efficiency in the conduct of insurance business;

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;

Regulating investment of funds by insurance companies;

Regulating maintenance of margin of solvency;

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

Exercising such other powers as may be prescribed

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

Specifying the code of conduct for surveyors and loss assessors;

Promoting and regulating professional organisations connected with the insurance and re-insurance business;

Levying fees and other charges for carrying out the purposes of this Act;

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);

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;

Adjudication of disputes between insurers and intermediaries or insurance intermediaries;

Supervising the functioning of the Tariff Advisory Committee;

Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f);
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