Page 109 - DCOM309_INSURANCE_LAWS_AND_PRACTICES

Insurance Laws and Practices Rupesh Roshan Singh, Lovely Professional University

Notes Unit 7: Insurance Regulatory and
Development Authority Act (IRDA Act)

CONTENTS
Objectives

Introduction
7.1 History
7.2 Overview of IRDA Act

7.3 Salient Features of IRDA Act
7.3.1 Salient Features of IRDA Guidelines for Insurance Plans
7.4 Provisions of IRDA Act
7.4.1 Chapter I – Preliminary

7.4.2 Chapter II – Insurance Regulatory and Development Authority
7.4.3 Chapter III – Transfer of Assets, Liabilities, etc., of Interim Insurance
Regulatory Authority

7.4.4 Chapter IV – Role and Functions of IRDA
7.4.5 Chapter V – Finance, Accounts and Audit
7.4.6 Chapter VI – Miscellaneous

7.5 Summary
7.6 Keywords
7.7 Review Questions
7.8 Further Readings

Objectives

After studying this unit, you will be able to:
Explain the history of IRDA Act
Discuss the overview of IRDA Act

Describe the salient features of IRDA Act
Explain the provisions of IRDA Act
Introduction

In previous units, you have studied the meaning of insurance and its importance and how it
plays a very important role in economic development of the country. By now, you must be well
versed that in insurance business, there is a contract between individuals or group or businessmen
and insurance companies. The duration of these contracts varies from one year to thirty years or
more and volume of such contracts are also very large.

104 LOVELY PROFESSIONAL UNIVERSITY