Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 50 views

    IRDA & Milestones

    Uploaded by

    amritam yadav
    The Insurance Regulatory & Development Authority of India (IRDAI) was established in 2000 based on recommendations from the Malhotra Committee to regulate and promote the growth of India's insurance industry. The Malhotra Committee was formed in 1993 to propose reforms to the insurance sector, including allowing private companies and foreign partners to enter the industry. Key recommendations were to permit private sector insurance companies, allow foreign promoters, and establish an independent regulatory body. This led to the establishment of IRDAI under the IRDA Act of 1999 to protect policyholders and ensure orderly development of the insurance sector.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    IRDA & Milestones

    Uploaded by

    amritam yadav
    50 views2 pages
    The Insurance Regulatory & Development Authority of India (IRDAI) was established in 2000 based on recommendations from the Malhotra Committee to regulate and promote the growth of India's insurance industry. The Malhotra Committee was formed in 1993 to propose reforms to the insurance sector, including allowing private companies and foreign partners to enter the industry. Key recommendations were to permit private sector insurance companies, allow foreign promoters, and establish an independent regulatory body. This led to the establishment of IRDAI under the IRDA Act of 1999 to protect policyholders and ensure orderly development of the insurance sector.

    Original Title

    IRDA & Milestones (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The Insurance Regulatory & Development Authority of India (IRDAI) was established in 2000 based on recommendations from the Malhotra Committee to regulate and promote the growth of India's insurance industry. The Malhotra Committee was formed in 1993 to propose reforms to the insurance sector, including allowing private companies and foreign partners to enter the industry. Key recommendations were to permit private sector insurance companies, allow foreign promoters, and establish an independent regulatory body. This led to the establishment of IRDAI under the IRDA Act of 1999 to protect policyholders and ensure orderly development of the insurance sector.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    50 views2 pages

    IRDA & Milestones

    Uploaded by

    amritam yadav
    The Insurance Regulatory & Development Authority of India (IRDAI) was established in 2000 based on recommendations from the Malhotra Committee to regulate and promote the growth of India's insurance industry. The Malhotra Committee was formed in 1993 to propose reforms to the insurance sector, including allowing private companies and foreign partners to enter the industry. Key recommendations were to permit private sector insurance companies, allow foreign promoters, and establish an independent regulatory body. This led to the establishment of IRDAI under the IRDA Act of 1999 to protect policyholders and ensure orderly development of the insurance sector.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    The Insurance Regulatory & Development Authority of India (IRDAI) was set up as a

    statutory body in the year 2000 based on the recommendations of the Malhotra Committee. It
    is headquartered at Hyderabad, Telangana State, India.

    Insurance in India has a history of more than 200 years and was once a playing ground for
    many small and medium size insurance companies before they merged into LIC in 1956.
    When India opened its doors to foreign products and services, the insurance sector was not
    far behind. The process of re-opening of the insurance sector began in the early 1990s and the
    last decade has seen it open up substantially.

    In 1993, the Govt. of India set up a committee under the chairmanship of Shri. R N Malhotra,
    former Governor of RBI, to propose recommendations for reforms in the insurance sector.
    The objective was to complement the reforms initiated in the financial sector.

    The Malhotra Committee submitted its report in 1994 wherein, among other things, it
    recommended that the private sector be permitted to enter the insurance industry. They stated
    that foreign companies be allowed to enter by floating Indian companies, preferably a joint
    venture with Indian partners.

    Here are some milestones relating to the setting up of the IRDAI.

    1. 1991 : Government of India begins the economic reforms programme and financial
    sector reforms.
    2. 1993 : Committee on Reforms in the Insurance Sector, headed by Mr. R. N. Malhotra,
    (Retired Governor, Reserve Bank of India) set up to recommend reforms.
    3. 1994 : The Malhotra Committee recommends certain reforms having studied the
    sector and hearing out the stakeholders.
    4. Some recommended reforms
    1. Private sector companies should be allowed to promote insurance companies
    2. Foreign promoters should also be allowed
    3. Government to vest its regulatory powers on an independent regulatory body
    answerable to Parliament

    And that’s how and why the Insurance Regulatory & Development Authority (IRDAI,
    formerly IRDA) was set up as an autonomous body under the IRDA Act, 1999. IRDAI’s
    mission is to protect the interests of policyholders, to regulate, promote and ensure orderly
    growth of the insurance industry and for matters connected therewith or incidental thereto.

    Key Activities of IRDAI


    1. Frames regulations for insurance industry in terms of Section 114A of the Insurance
    Act 1938.
    2. From the year 2000 has registered new insurance companies in accordance with
    regulations.
    3. Monitors insurance sector activities for healthy development of the industry and
    protection of policyholders’ interests.

    You might also like