POWERS /FUNCTIONS OF IRDA :

Under Section 14 of the IRDA Act, IRDA has the following powers:

(a) Issue of Certificate of Registration to insurance companies, renew, modify, withdraw, suspend or cancel the certificate of registration

(b) Protection of interests of policyholders in matters concerning assignment of policies, nomination, insurable interest, claim settlement, surrender value and other terms and conditions of insurance contract

(c) Specification of requisite qualifications, practical training and code of conduct for insurance agents and intermediaries

(d) Specification of code of conduct for surveyors and loss assessors

(e) Promoting efficiency in the conduct of insurance business

(f) Promoting and regulating professional organizations connected with insurance and reinsurance business

(g) Levying fees and other charges for carrying out the purposes of the Act

(h) Calling for information from or undertaking inspection of insurance companies, intermediaries and other oganisations connected with insurance business

(i) Control and regulation of rates, advantages, terms and conditions that may be offered by general insurance companies

(j) Specifying the form and manner in which books of account shall be maintained by insurance companies and intermediaries

(k) Regulation of investments of funds by insurance companies

(l) Regulation of maintenance of margin of solvency

(m) Adjudication of disputes between insurers and insurance intermediaries

(n) Supervising the functioning of Tariff Advisory Committee

(o) Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations

(p) Specifying the percentage of insurance business to be undertaken by insurers in rural or social sectors

(q) Such other powers as may be prescribed.