2. Not more than 5 whole time members
3. Not more than 4 part time members
Powers and functions of the IRDA interalia include –
• To regulate, promote and ensure orderly growth of the insurance and reinsurance business.
• To protect the interests of the policyholders in settlement of claims and terms and conditions of policies.
• To promote and regulate professional organisations connected with insurance business
• To call for information from, undertake inspection and conduct investigations including audit of the insurers, intermediaries and other connected organisations and persons.
• To control and regulate the rates and terms and conditions that may be affected by insurers in respect of general insurance matters.
• To prescribe the manner and form in which accounts will be maintained and submitted by insurers and intermediaries
• To regulate investment of funds and solvency margins of insurers
• To prescribe code of conduct for insurance intermediaries including agents, surveyors and loss assessors.
• To adjudicate disputes between insurers and intermediaries.
IRDA in the course of performing its functions, as laid down in the IRDA Act, has notified various Regulations. Some of the important Regulations you must be familiar with are –
• IRDA (Licensing of Insurance Agents) Regulations, 2000
• IRDA (Licensing of Corporate Agents) Regulations, 2002
• IRDA (Insurance Brokers) Regulations, 2002
• IRDA (Insurance Advertisements & Disclosure) Regulations, 2000
• Insurance Surveyors & Loss Assessors (Licensing, Professional Requirements & Code of Conduct) Regulations, 2000
• IRDA (Third Party Administrators – Health Services) Regulations, 2001
• IRDA (Protection of Policyholders’ Interests) Regulations, 2002
• IRDA (Micro-Insurance) Regulations, 2005
• makes unfair or incomplete comparisons with products which are not comparable or disparages competitors
These Regulations are applicable to all insurance advertisements whether issued by an insurer or an agent or other insurance intermediaries. Some of important requirements laid down by these Regulations with regard to insurance advertisements are –
o Every advertisement should have full disclosure of the advertiser including license and registration numbers.
o Every advertisement about an insurance product should mention complete details about the product advertised.
o Advertisement issued by an agent must have a prior written approval of the insurer concerned.