IRDA & PFRDA

Hello sir I am here as I want to get the information related to IRDA & PFRDA so will you please provide me the information???

The Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000

Composition:

The Authority is a ten member team consisting of

(a) a Chairman

(b) five whole-time members;

(c) four part-time members,

(all appointed by the Government of India)


Duties:

-To protect the interest of and secure fair treatment to policyholders;

-To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy;

-To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates;

-To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery;

-To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players;

-To take action where such standards are inadequate or ineffectively enforced;

-To bring about optimum amount of self-regulation in day-to-day working of the industry consistent with the requirements of prudential regulation.



PFRDA was established by Government of India on 23rd August, 2003. The mandate of PFRDA is development and regulation of pension sector in India.

The Authority shall consist of a Chairperson and not more than five members, of whom at least three shall be whole time members, to be appointed by the Central Government.

The Union Cabinet approved the introduction of certain official amendments to the Pension Fund Regulatory and Development Authority Bill, 2011. Based on the recommendations of the Standing Committee on Finance, the Government has decided to accept the following:

-That the subscriber seeking minimum assured returns shall be allowed to opt for investing his funds in such schemes providing minimum assured returns as may be notified by the Authority;

-Withdrawals not exceeding 25 per cent of the contribution made by subscriber will be permitted from the individual pension account subject to the conditions, such as, purpose, frequency and limits, as may be specified by regulations by the PFRDA

-The foreign investment ceiling in the pension sector at 26 per cent or such percentage as may be approved for the Insurance Sector, whichever is higher may be incorporated in the present legislation;

-To establish a vibrant Pension Advisory Committee with representation from all major stakeholders to advise PFRDA on important matters of framing of regulations under the PFRDA Act.

-The membership of the PFRDA will be confined to professionals having expertise in economics, finance or law only.

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