IRDAI Current Affairs

IRDAI constitutes Suresh Mathur committee to review norms related to Insurance Marketing Firms

The Insurance Regulatory and Development Authority (IRDAI) has set up 10-member committee to review norms related to Insurance Marketing Firms (IMF) with an aim to increase insurance penetration in the country. The committee will be headed by Suresh Mathur (ED-IMF, IRDAI).

Terms of Reference

The committee has been asked to revisit IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015. It will recommend guidelines on areas on which regulations of IMFs are silent. It will also recommend measures for strengthening distribution channel of IMFs by taking up products which fall under jurisdiction of other financial sector regulators.

Background

IMF’s new distribution channel was introduced by IRDAI in 2015, with objective of increasing insurance penetration through area-wise registration approach. The channel has now been in operation for three years. The committee was constituted to review existing regulations essential for distribution channel to evolve and fulfil the objective of spreading insurance coverage to all layers of the society.

Insurance Regulatory Authority of India (IRDA)

IRDA is an apex statutory body that regulates and develops the insurance industry in India. It was constituted as per provisions of Insurance Regulatory and Development Authority Act, 1999. It is headquartered in Hyderabad. Telangana.

Functions of IRDA: It protects rights of insurance policy holders, provide registration certification to life insurance companies and renew, modify, cancel or suspend this registration certificate as and when appropriate. It also promotes efficiency in conduct of insurance business, promotes and regulates professional organisations connected with insurance and reinsurance business. It also regulate investment of funds by insurance companies, adjudicates disputes between insurers and intermediaries or insurance intermediaries.

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Government appoints Subhash Chandra Khuntia as new chairman of IRDAI

The Appointments Committee of Cabinet (ACC) has appointed former chief secretary of Karnataka, Subhash Chandra Khuntia as new chairman of Insurance Regulatory and Development Authority of India (IRDAI). He will succeed TS Vijayan whose five-year term ended in February 2018. He will have tenure of period of three years from the date of joining. Subhash Chandra Khuntia is 1981-cadre IAS official from Karnataka,

Insurance Regulatory and Development Authority of India (IRDAI)

IRDA is an apex statutory body that regulates and develops insurance industry in India. It was constituted as per provisions of Insurance Regulatory and Development Authority Act, 1999. Its headquarter is in Hyderabad.

Functions of IRDA

  • Protect the rights of insurance policy holders.
  • Provide registration certification to life insurance companies
  • Renew, modify, cancel or suspend this registration certificate as and when appropriate; promote efficiency in conduct of insurance business
  • Promote and regulate professional organisations connected with insurance and reinsurance business; regulate investment of funds by insurance companies
  • Adjudication of disputes between insurers and intermediaries or insurance intermediaries.

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