Irda

IRDA Presented By: Arshi Mumtaz Alka Jha Devesh Anand Manisha Dehuri Sunil Basantani 4/17/2011 IRDA company 1 1 INTRODUCTION The IRDA (Insurance regulative and Development Authority) is the national regulatory body for Insurance industry (both Life and Non-Life Insurance Companies) under the auspices of Government of India, located at Hyderabad. 4/17/2011 IRDA congregation 1 2 IRDA was established by an act enacted in Indian Parliament known as IRDA Act 1999 and was amended in 2002 to incorporate some uphill requirements as well as to overcome some deficiencies in the entire process. 4/17/2011 IRDA Group 1 3 MISSION a) To protect the interests of the policyholders b) To promote, consecrate and ensure orderly growth of the policy industry and for matters machine-accessible therewith or incidental thereto c) Conduction of insurance businesses across India in an ethical manner. 4/17/2011 IRDA Group 1 4 BASIC PRINCIPLES RELATING TO MISCELLANEOUS INSURANCE i. Utmost good faith - craft of Disclosure, Material facts, Representations, Breaches of utmost good faith, Void, voidable and unenforceable contracts, drive fairnesss and court decisions ii.

Insurable Interest - Importance of insured interest, conditions fulfilling requirements of an insurable interest, persons having insurable interest (and nature of relationship), mandatory requirements for insurance in certain types of relationship. case laws and court decisions. 4/17/2011 IRDA Group 1 5 CONTINUEDu. iii. Principle of Indemnity - Definition, Principles, only one premium for a integrity incident, prohibition of more than a single indemnity, case laws and court decisions iv. Subrogation & Contribution - Importance, how, when it arises and operates, case laws and court decisions v. proximate / probable cause of loss - Doctrine of proximate cause, industry of the doctrine, case laws and court decisions 4/17/2011 IRDA Group 1 6 EXPECTATIONS The law of India has... If you want to get a full essay, order it on our website: Ordercustompaper.com

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