The Investment Regulations require a proper methodology to be adopted by the insurer for matching of assets and liabilities. Transfer of risk through Reinsurance is recognized only to the extent specified in the regulations. Due safeguards are built in to ensure that adjustments are made to provide for quality of assets held.
No other risk transfer mechanism exists in the current system. In order to minimize the counterparty risk, the re-insurers with whom business is placed must have the minimum prescribed rating by an independent credit rating agency as specified in the regulations.
Legislation has specified the minimum capital requirements for an Insurance company. It further, prescribes that Insurance companies can capitalize their operations only through ordinary shares which have a single face value.
It is also administering the Indian Motor Third Party Declined Risk Insurance Pool — a multilateral Reinsurance arrangement in respect of specified commercial vehicles where the policy issuing member insurers cede Insurance premium to the Declined Risk pool based on the underwriting policy approved by IRDAI.
In order to protect long- terms interests of policyholders, the IRDAI has outlined appropriate governance practices applicable to Insurance companies for maintenance of solvency, sound long-term investment policy and assumption of underwriting risks on a prudential basis from time to time.
The IRDAI has issued comprehensive guidelines for adoption by Insurance companies on the governance responsibilities of the Board in the management of the Insurance functions. These guidelines are in addition to provisions of the Companies Act, , Insurance Act, and other applicable laws. The oversight of the control functions is vested with the Boards of the respective insurer.
It lays down the structure, responsibilities and functions of Board of Directors and the senior management of the companies. Insurers are required to adopt sound prudent principles and practices for the governance of the company and should have the ability to quickly address issues of non-compliance or weak oversight and controls. The Guidelines mandated the insurers to constitute various committees viz. These committees play a critical role in strengthening the control environment in the company.
The Authority has the power to call for any information from entities related to insurance business — Insurance companies and the intermediaries, as may be required from time to time.
On site inspection is normally carried out on an annual basis which includes inspection of corporate offices and branch offices of the companies.
These inspections are conducted with view to check compliance with the provisions of Insurance Act, Rules and regulations framed thereunder. The inspection may be comprehensive to cover all areas, or may be targeted on one, or a combination of, key areas. When a market-wide event having an impact on the insurers occurs, the Supervisor obtains relevant information from the insurers, monitors developments and issues directions as it may consider necessary.
Though there is no specific requirement, events of importance trigger such action. The primary objective of off-site surveillance is to monitor the financial health of Insurance companies, identifying companies which show financial deterioration and would be a source for supervisory concerns.
This acts as a trigger for timely remedial action. The off-site inspection conducted by analyzing periodic statements, returns, reports, policies and compliance certificates mandated under the directions issued by the Authority from time to time. Oriental Insurance offers various health insurance policies which can be renewed online.
United India Insurance. This article gives insight into health products and services being offered by United India Insurance Company Ltd for the year New India Assurance Policies - About.
New India Assurance Company is one of the largest non-life insurance companies not only in India but also in the Afro-Asian region. Fraudulent Health Insurance Claims.
To educate the public regarding hazards of committing fraud in healthcare insurance claims and its implication on the economy.
Premium Calculation by Health Insurance Companies. This article gives an insight as to how healthcare insurance policy premiums are collected by Insurance companies which will be useful for any layman. Awareness about Healthcare Insurance in India. A basic awareness about Indian health insurance for any layman for quick reference presented in a crisp format.
Star Health and Allied Insurance. Critical Care Health Insurance Plan. A critical illness policy is exactly what it says - it is used for when you are critically ill and your health policy may not be enough. About Ombudsmen. Insurance Ombudsman institutions work for the purpose of quick disposal of the grievances of the insured customers. Third Party Administrators for Health Insurance. Insurance Repositories. Insurance Marketing Firm. Intermediaries Geo Locater. Corporate Agents Login Request.
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