Scribd Logo
Upload

Welcome to Scribd!

  • 1 views

    Group 13 Presentation

    Uploaded by

    Sumit
    ok

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Group 13 Presentation

    Uploaded by

    Sumit
    1 views23 pages
    ok

    Original Title

    group 13 presentation

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    ok

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    1 views23 pages

    Group 13 Presentation

    Uploaded by

    Sumit
    ok

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 23

    Regulations of

    insurance and
    IRDAI
    Content
    Introduction of Insurance
    Preeti Gond
    regulations,
    Importance and objective.
    Regulatory bodies, role and
    Sachin Singh responsibility and types

    IRDA introduction, mission,


    Sanduni Ranasinghe organizational setup and
    objectives

    Significance of IRDA, functions,


    Suruchi Kumari duties and guidelines
    Introduction to insurance
    regulations
    Definition of insurance regulations
    Insurance regulation refers to the government
    overseeing the insurance market to ensure
    fairness and professionalism among those
    working for the insurance industry, to prevent
    the market from collapsing, and to
    democratize insurance.
    Importance of regulation in
    the insurance industry
    Objective of insurance
    regulations

    1 Protecting policyholders
    2 Ensuring financial
    stability
    3 Promoting market
    Efficiency
    4 Consumer protection
    5 Maintaining the
    competitive environment
    Regulatory bodies related to insurance

    Insurance Regulatory and Securities and Exchange


    Development Authority of India Board of India (SEBI)
    (IRDAI)

    Life Insurance Council and


    General Insurance Council:
    Reserve Bank of India (RBI)

    Insurance Ombudsman Ministry of Finance

    7 Other Regulatory Bodies


    Roles and responsibilities of regulatory bodies

    Licensing Product
    and Regulation
    Registration
    Policyholde Market
    r Developmen
    Protection t
    Market
    Consumer
    Conduct Education and
    Regulation Awareness
    Financial
    Enforcement
    Stability and
    and
    Solvency
    Compliance
    Regulation Coordinatio
    Investmen
    n with
    t
    Other
    Regulation
    Regulators
    Some key types of insurance regulations

    Licensing and Registration Consumer Protection Regulations

    Market Conduct Regulations Reinsurance Regulations

    Financial Regulations Market Entry and Exit Regulations

    Product Regulations Intermediary Regulations

    Investment Regulations Compliance and Reporting Regulations


    conclusion
    Insurance regulations are essential for protecting policyholders, ensuring
    fair competition, and maintaining the stability of the insurance industry.
    They cover licensing, market conduct, financial management, product
    design, and consumer protection. By enforcing these regulations,
    regulatory bodies create a level playing field, protect consumers, and
    ensure insurers' financial health. As the industry evolves, regulations
    must adapt to new risks and challenges. Strong regulations are vital for
    the industry's sustainable growth and ability to serve society effectively.
    Establishment
     IRDA Act was passed upon the recommendations of Malhotra Committee
    report ( 7 Jan , 1994 ) , headed by Mr. R.N. Malhotra ( Retired
    Governor , RBI )
     Main Recommendations - Entrance of Private Sector Companies and Foreign
    promoters & An independent regulatory authority for Insurance Sector in
    India
     In April , 2000 , it was set up as statutory body , with its headquarters at
    New Delhi .
     The headquarters of the agency were shifted to Hyderabad ,
    Organizational Setup of IRDA

    Five
    Ten member Four part-
    Whole-
    Body time
    time

    Present Chairman is
    Chairman
    Mr.T.S Vijayan.
    Objectives of IRDA
    1. To protect the interest of the policyholder and exercise their fair
    treatment
    2. To frame policies regularly to ensure that the industry operates
    without any ambiguity
    3. To regulate the insurance industry in fairness and ensure its
    financial soundness
    4. To promote fairness, orderly conduct, and transparency in financial
    markets dealing with insurance and build a reliable Management
    Information System (MIS) to enforce financial soundness in the
    insurance sector
    5. To ensure speedy settlement of genuine claims, prevent insurance
    frauds, and other prohibit other malpractices while ensuring
    effective grievance redressal framework.
    Significant Roles of IRDAI in the
    Insurance Sector in India To
    To To set, prohibit
    provid To help enforce, fraud and
    e for To increase
    promote, malpracti
    and ces by
    long- prote the monitor setting To ensure
    term ct the growth high up a an
    of the optimum
    funds standard grievance
    policy insuranc s of fair redressal amount
    to of self-
    enhanc holde e sector dealing,
    financial
    forum
    and regulatio
    for the
    e the rs’ benefit soundnes ensuring n of the
    insurance
    s, and that the
    nation’ intere of the
    integrity interest
    industry
    policyho
    s st lders
    of the of the
    econo insurance policyhol
    providers der is
    my protected
    Functions and Duties of
    IRDA
    Protect the
    Issue the interest of
    certificate to policy
    companies holders
    Regulate &
    Provide Ensure the
    supervise
    license maintenance of
    the
    to solvency margin by
    Premium
    Functions of IRDAI

     Issuing, modifying, suspending, or cancelling registrations


     Specifying the code of conduct for the loss assessors and surveyors
     Investigating and inspecting insurers, intermediaries, and other relevant bodies
     Levying fees and other charges
     Regulating the terms and conditions, rates, and advantages that may be offered by the insurance
    companies but not covered by the Tariff Advisory Committee under Section 64U of the Insurance Act 1938
     Promoting and regulating professional all the institutions connected with the insurance and reinsurance
    industry
    New Guidelines for Health & Mediclaim
    Insurance by the IRDAI

    Introduction of
    Claiming Settlements Claim Rejection
    Telemedicine
    conclusion
    In conclusion, the Insurance Regulatory and Development Authority of
    India (IRDAI) plays a crucial role in regulating and promoting the insurance
    industry in India. Through its functions, initiatives, and regulations, IRDAI
    ensures fair practices, protects policyholders' interests, and promotes the
    growth and stability of the insurance sector.

    IRDAI's efforts have led to improvements in consumer protection, market


    conduct, and financial stability. However, challenges remain, and IRDAI
    must continue to adapt and evolve its regulations to address emerging
    risks and challenges in the industry.

    Overall, IRDAI's role is essential in maintaining a well-functioning


    insurance market that serves the needs of policyholders and contributes to
    the country's economic growth.

    You might also like