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INSURANCE
REGULATORY
AND
DEVELOPMENT
AUTHORITY
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As per the section 4 of IRDA Act' 1999,Insurance Regulatory and DevelopmentAuthority (IRDA, which was constituted by anact of parliament) specify the composition of
AuthorityThe Authority is a ten member teamconsisting of
(a) a Chairman;(b) five whole-time members;(c) four part-time members,
(all appointed by the Government of India)
Com position ofAuthority
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MISSION 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, financialsoundness, 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.
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IRDA (Registration of Companies) Regulations, 2000 under Regulation 7 (c)
of Chapter II requires every Insurer to carry on all functions in respect of
the Insurance business including management of investments within its ownorganization. In the context of the increasing volumes of the Unit linked
life Insurance business and consequent market risk being assumed by the
policyholders, it is appropriate to specify the minimum requirements for
risk management systems within the Insurers, with particular reference to
the investment activity (Please see Annexure III enclosed). The
Investment Risk Management Systems & Processes specified, outline the
minimum requirement to be in place. While it is likely that some of theInsurers have already put in place adequate systems and processes
consistent with the proposals, there may be others who need to modify the
systems to achieve compliance. Hence the effective date for adoption of
the suggested measures by all insurers shall be not later than 31st Dec,
2008. All Insurance Companies, seeking registration henceforth shall
comply with this guideline, as a part of the registration process. The
Authority advises that a Chartered Accountants firm, who is not theStatutory or Internal or Concurrent Auditor of the concerned Insurer and
having a minimum of three to four years audit experience of IT systems,
risk management and process controls of Banks or Mutual Funds or
Insurance Companies, shall certify that the Investment Risk Management
Systems and Processes envisaged by these guidelines are in place and
working effectively.
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1. Life Insurance Corporation of India2. MetLife India Life Insurance
3. ICICI Prudential
4. Bajaj Allianz Life Insurance5. Max New York Life Insurance
6. Sahara Life Insurance7. TATA AIG Life Insurance8. HDFC Standard Life
9. Birla Sunlife
10. SBI Life Insurance Company Limited11. Kotak Life Insurance
12. Aviva Life Insurance13. Reliance Life Insurance Company Limited Formerly known as AMP SanmarLIC
14. ING Vysya Life Insurance
15. Shriram Life Insurance16. Bharti AXA Life Insurance Co Ltd
17. Future Generali Life Insurance Co Ltd
18. IDBI Fortis Life Insurance
19. AEGON Religare Life Insurance 120. DLF Pramerica Life Insurance
21. Canara HSBC Oriental Bank of Commerce Life Insurance22. Star Union Dai-ichi Life Insurance Co. Ltd.
23. IndiaFirst Life Insurance Company
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ROLE OF A OMBUDSMAN
An ombudsman is an official, usually appointed by the government
or byparliament, who is charged with representing the interests of
the public by investigating and addressing complaints reported by
individual citizens.
Usually appointed by the organization, but sometimes elected by
the constituency, the ombudsman may, for example, investigateconstituent complaints relating to the organization and attempt to
resolve them, usually through recommendations (binding or not) or
mediation.
Ombudsmen sometimes identify organizational roadblocks running
counter to constituent interests.
Making a complaint to an ombudsman is usually free of charge.
http://en.wikipedia.org/wiki/Governmenthttp://en.wikipedia.org/wiki/Parliamenthttp://en.wikipedia.org/wiki/Publichttp://en.wikipedia.org/wiki/Publichttp://en.wikipedia.org/wiki/Parliamenthttp://en.wikipedia.org/wiki/Government7/27/2019 Aviva Ppt on Irda
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IRDA mandated role for appointed actuaryThe following regulations / circulars need a mention here:1. IRDA (Appointed Actuary) Regulations, 20002. IRDA (Asset, Liabilities and solvency margins of insurer)Regulations, 2000
3. File and Use SystemIRDA (Appointed Actuary) regulation clearly mentions the powerthat the AppointedActuary will enjoy. It also mentions the duties and obligations ofthe Appointed Actuary.According to this regulation. Appointed Actuary shall haveaccess to all information or
documents in possession of the insurer. He also has the right toattend the meeting of themanagement including Board meeting and can speak on anddiscuss matters concerning
solvency, actuarial advice, etc. Amongst his duties and obligationsthe following needs
mention.a. rendering actuarial advice to the management of the insurer,inparticular in the areas of product design and pricing, insurancecontract wording, investments and reinsurance;b. ensuring the solvency of the insurer at all times
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Addresses/Contact Information of offices of IRDA in
India:
Head Office :Insurance Regulatory and Development Authority
3rd Floor, Parisrama Bhavan, Basheer BaghHyderabad 500 004
Andhra Pradesh, India.
Phone: (040) 23381100
Fax: (040) 6682 3334
Email:[email protected]
Website: http://www.irdaindia.org
Delhi Office:
Insurance Regulatory and Development Authority
Delhi Office
Gate No. 3Jeevan Tara Building, First Floor
Sansad Marg, New Delhi-110001
India.
Phone: (011) 2374 7648
Fax: (011) 2374 3397
http://www.irdaindia.org/http://www.irdaindia.org/7/27/2019 Aviva Ppt on Irda
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.
THANKYOU
