Published on November 16, 2016
1. Insurance Regulatory and Development Authority of India (बीमा विनियामक और विकास प्राधिकरण)
2. Our Mission "To Protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. "
3. Mission MISSION STATEMENT OF THE AUTHORITY Ø To protect the interest of and secure fair treatment to policyholders; Ø To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy; Ø To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates; Ø To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery; Ø To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players; Ø To take action where such standards are inadequate or ineffectively enforced; Ø To bring about optimum amount of self-regulation in day-to-day working of the industry consistent with the requirements of prudential regulation.
4. Composition of Authority As per the section 4 of IRDAI Act' 1999, Insurance Regulatory and Development Authority of India (IRDAI, which was constituted by an act of parliament) specify the composition of Authority The Authority is a ten member team consisting of (a) A Chairman; (b) five whole-time members; (c) four part-time members, (all appointed by the Government of India)
5. Duties, Powers and Functions of IRDAI Section 14 of IRDAI Act, 1999 lays down the duties, powers and functions of IRDAI. Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. 1. Without prejudice to the generality of the provisions contained in sub- section (1), the powers and functions of the Authority shall include, - Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration; protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance; specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents specifying the code of conduct for surveyors and loss assessors; promoting efficiency in the conduct of insurance business; promoting and regulating professional organisations connected with the insurance and re-insurance business;
6. levying fees and other charges for carrying out the purposes of this Act; calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business; control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938); specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; regulating investment of funds by insurance companies; regulating maintenance of margin of solvency; adjudication of disputes between insurers and intermediaries or insurance intermediaries; supervising the functioning of the Tariff Advisory Committee; specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f); specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and exercising such other powers as may be prescribed
7. Profile of Top Management
8. Chairman Mr. T S Vijayan (2013-20__)
9. Mr. T S Vijayan took charge as Chairman of Insurance Regulatory & Development Authority of India in February 2013. Since then Mr. Vijayan has been playing a key role in various initiatives for enhancing insurance awareness and making insurance affordable to all sections of population. He has also taken various measures for optimum utilization of technology in the insurance space. These initiatives include launching Insurance Repository System in India which enables issuance and maintenance of insurance covers in electronic mode – utilizing the existing Customer Service Centre (CSC) network to market specified insurance products so that this wide network of Government promoted IT enabled community centers can be leveraged to take insurance services to every corner of the country; opening up new channels of insurance distribution by allowing banks to act as insurance brokers and enhancing scope of services offered by web aggregators. Recognizing the vital role played by agriculture and allied sectors in the Indian economy and the need for viable and tailor-made insurance covers to large sections of small and medium farmers, Mr. Vijayan has contemplated effective use of geomatric and remote sensing technology in insurance models and is also coordinating with the Central and State Governments, the insurance industry and reinsurers in addressing concerns of adequate insurance cover for natural disasters.
10. Mr. Vijayan represents the Asian Region on the Executive Committee of the International Association of Insurance Supervisors (IAIS) apart from being a member of its Technical and Implementation Committees. Prior to joining IRDA, in a career spanning around three decades, Mr. Vijayan worked in various capacities in the Life Insurance Corporation of India (LIC), established under a statute of Parliament of India while nationalizing the life insurance business in 1956. The LIC was the sole life insurance provider in the country prior to opening up of the sector in 1999. He finally took over as Chairman of LIC of India in 2006, and was in that position for 5 years. He has played an active role as a Director on boards of various companies, both national and international. Mr. T S Vijayan pursued his education in Kerala and holds a special graduate degree from Kerala University. He also holds a Diploma in Management. Mr. Thai Salas Vijayan was born on 25th February 1953 at Kalliyoor, Kerala to Mr. Salas and Mrs. Loise Thai. His spouse’s name is Mrs. Gladis Vijayan and they have a daughter and a son.
12. (Mr. P J Joseph) Mr. P J Joseph has taken charge as Member (Non-Life), IRDAI on 29th March, 2016. Mr. Joseph, a graduate in business management, joined the General Insurance Corporation of India – then a holding company of the four public sector general insurance companies – in the year 1979. After the initial training, his services were transferred to the Mumbai based general insurer – The New India Assurance Company Limited. Mr. Joseph worked for 29 years with ‘New India’ and held many executive and leadership positions in India and abroad, the last position held being that of the Managing Director of The New India Assurance Company (Trinidad & Tobago) Limited, West Indies. Mr. Joseph held the position of General Manager in Chennai based general insurer – United India Insurance Company Limited from February 2009 to October 2012. Mr. P. J. Joseph was appointed as Chairman-cum- Managing Director of Agriculture Insurance Company of India Limited in October 2012 and has steered the Company during the period of transition in the Indian crop insurance set up, from an administered pricing regime to an actuarial pricing regime.
13. (Mr. Nilesh Sathe) Mr. Nilesh Sathe has taken over charge as Member(Life) on 1.7.2015. Before joining IRDAI, he was CEO and Director of LIC Nomura Mutual Fund AMC for a period of three years. Before that he headed the Northern Zone of LIC of India as Zonal Manager, in-charge of Marketing and Administration of seven states and one Union Territory in the North spreading from J&K to Rajasthan. He held various positions in LIC of India, as Executive Director of a Marketing Channel, Chief (Pension & Group Schemes Dept.) and Sr. Divisional Manager of two prestigious Divisions of Mumbai. He worked with Bank of India and Canara Bank for over 5 years before joining LIC Of India as a Direct Recruit Officer. He brings with him a rich experience of over 3 decades in the Banking, Insurance & Mutual Fund Industry. Mr. Sathe is a post graduate in Commerce from G.S. College of Commerce & Economics, Nagpur. Mr. Sathe enjoys classical, vocal and instrumental music and associates with Marathi theatre.
14. (Mrs. V. R. Iyer) Mrs. V. R. Iyer joined Insurance Regulatory and Development Authority of India (IRDAI) as Member (Finance & Investments) on 15.06.2015. Prior to joining IRDAI, Mrs. Iyer was the Chairperson and Managing Director of Bank of India and has powered the Bank ahead in various areas of business and control. The Bank has seen quantum growth in business during her tenure and is a leader in the PSU banking space. She started her career in Union Bank of India in December 1975. She has rich and varied exposure to branch banking, having headed very large branches in Mumbai. She was instrumental for setting up the Risk Management Department in 2000, inter alia, putting in place various Risk Policies, developing Risk measures and structuring the reporting framework. In 2006-2007, she was responsible for bringing all the branches of Union Bank on a single Core Banking platform and later on went to head both the IT and Risk Management Verticals of the Bank, as its General Manager. She was also instrumental in the Bank expanding to Hong Kong, China and Dubai.
15. In September 2010, Mrs. Iyer was elevated as Executive Director of Central Bank of India. During her tenure in Central Bank, she oversaw Credit, HR, IT, Treasury, Risk Management and Credit Monitoring. She also spearheaded implementation of Core Banking in that Bank, as well as rolling out Alternate Delivery Channels and other initiatives on the Technology front. Mrs. Iyer, in addition, held the following Board level positions in various Organisations : Ø Director – New India Assurance Co. Ltd. Ø Non-Official Director – Export-Import Bank of India. Ø Alternate Chairperson of Finance Committee – NIBM Ø Non-Executive Chairperson – STCI Finance Ltd. Ø Chairperson – STCI Primary Dealer Ltd. Ø Director & Chairperson, BOI AXA Investment Managers Pvt. Ltd. Ø Director & Chairperson, Star Union Dai-ichi Life Insurance Co. Ltd Ø Chairman– IBA Committee on Risk Management and Basel Implementation. Ø Director in Indo-Zambia Bank Ltd. Ø Member of Advisory Committee on Mutual Funds, SEBI. Ø Chairman, BOI Merchant Capital Ltd.
16. (Ms. Pournima Gupte) Pournima Gupte joined the Insurance Regulatory and Development Authority of India as the Member (Actuary) in January 2015. She has been working in the Indian Insurance Industry for more than 30 years in various capacities in public as well as private life insurance companies. This includes eight years tenure as Appointed Actuary in private life insurance companies and deputation to London Branch of LIC of India for four years. Pournima is a Fellow of Institute of Actuaries of India. She holds a degree in Statistics from the University of Mumbai.
17. Mr. D D Singh joined Insurance Regulatory and Development Authority (IRDA) as a whole-time Member (Distribution), on 20th May, 2013. Prior to joining IRDA, Shri D.D Singh was Zonal Manager LIC of India South Zone Chennai; and was in charge of Insurance Activities of the Life Insurance behemoth LIC of India in the states of Tamilnadu Kerala & Pondicherry. Shri D D Singh was also Zonal Manager of South Central Zone earlier and was in charge of Insurance Activities of LIC of India in Andhra Pradesh & Karnataka states. Mr. D.D Singh joined Life Insurance Corporation as a Direct Recruit Officer in 1977. He has experience in Marketing for more than 16 years and in Information Technology for more than a decade. He had set up the Health Insurance Department in LIC of India and was the first Executive Director of Health Insurance Department in LIC of India. Shri D.D Singh holds Masters Degree in Public Administration and Masters in Business Administration with specialization in Marketing. He has attended various training sessions organized in India & abroad including Training at Indian Institute of Management Lucknow; Indian School of Business in Hyderabad; Foundation for Advancement of Life & Insurance around the World (FALIA) Japan; Mr. D.D Singh is an avid reader of books and has interest in music.
18. Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India. The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001.IRDA batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the insurance sector from the erstwhile 26 percent. The FDI limit in insurance sector was raised to 100% in June 2016
19. Website of IRDAI www.irdai.gov.in