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Insurance Awareness Notes | ESIC SSO Exam – IRDAI: History, Functions, etc.

Insurance Awareness Notes IRDAI

The ESIC SSO Main Exam is scheduled to take place on 15th December 2018. This leaves with less than a month for preparation. To assist you with the same, we are providing you with free Insurance Awareness Notes for ESIC SSO Main Exam in this blog. the topic being covered in this blog is History, Composition and Functions of IRDAI. These Insurance Awareness Notes would help you ace the ESIC SSO Main Exam easily. so here we go -:

Insurance Awareness Notes – IRDAI

Insurance Regulatory and Development Authority of India (IRDAI) is responsible for regulating the Insurance sector in the country and ensuring its stable growth of the sector and overall economy over the period of time.

Insurance Awareness Notes – History of IRDAI

The Government of India’s LPG – Liberalisation, Privatisation and Globalisation policy started in 1991 led to the beginning of reforms in the Insurance sector. As a part of this reforms, ‘Committee on Reforms in the Insurance Sector’ in 1993. The committee was headed by former RBI Governor Mr R. N. Malhotra. The committee submitted their report suggesting a list of reforms, which included forming a Regulatory Body for the Insurance Sector in 1994.

The Insurance Regulatory and Development Authority of India (IRDAI) Act, 1999 was passed by the parliament and IRDA was set up as an autonomous body in 1999. The Headquarters of IRDAI is in Hyderabad.

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Insurance Awareness Notes – IRDAI Composition

The Insurance Regulatory and Development Authority of India (IRDAI) consists of 10 members

  • A Chairman;
  • Five whole-time members;
  • Four part-time members,

All the members of the IRDAI are appointed by the Central Government. The current Chairman of IRDAI is Dr Subhash C. Khuntia.

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Insurance Awareness Notes – Functions and Duties of IRDAI

  • Ensure orderly growth of the Insurance industry.
  • Protection of interest of policyholders.
  • Issue consumer protection guidelines to insurance companies.
  • Grant, modify and suspend the license for insurance companies.
  • Lay down the procedure for accounting policies to be adopted by the Insurance companies.
  • Inspect and audit of Insurance companies and other related agencies.
  • Regulation of capital adequacy, solvency, and prudential requirements of Insurance business.
  • Regulation of product development and their pricing including free pricing of products.
  • Promote and regular self-regulating organizations in the insurance industry.
  • Re-insurance limit monitoring.
  • Monitor investments.
  • Vetting of accounting standards, transparency requirements, in reporting.
  • Ensure the health of the industry by preventing sickness through appropriate action.
  • Publish information about the industry.
  • Prescribe qualification and training needs of an agent.
  • Monitor the charges for various services by Insurance companies.
  • Regulating intermediaries like – Agents, Brokers, Surveyors, TPA Health services.

That is all from us in this Insurance Awareness Notes Blog for ESIC SSO 2018 Exam. We hope you like reading this blog and found all the information about IRDAI provided above helpful for your ESIC SSO Main Exam Preparation. Also, make sure that you giving ESIC SSO Mock tests before the Main exam to have the best chance to clear the Exam. All the best.