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Accounts Finalization of Accounts within two months of end of financial year. Bank Reconciliation: on quarterly basis and when needed. Correspondence with Ministry and other outside agencies
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The following are main functions and responsibilities of Actuarial Department: Formulation and amendment of regulations/legislations pertaining to Actuarial matters. To coordinate with Institute of Actuaries of India in bringing out Guidance Notes to be issued in concurrence with the Authority to enable suitable and necessary practices to evolve.
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Procurement of office supplies a. Arranging procurement of office supplies like Stationery, consumables for different machines like Xerox etc. b. Arranging purchase of office furniture, assets etc. c. Arranging interior works like Cubicles, new work stations etc.
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The following are the functions and responsibilities of Agency distribution department:
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1. Maintenance of Consumer Education Website: IRDAI’s Consumer Education Website (www.policyholder.gov.in) explains in a simple language the benefits of various types of insurance products, do’s and don’ts and grievance redressal mechanism etc. for spreading awareness amongst the general public.
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The Grievance Redressal Cell in the Consumer Affairs Department of the Insurance Regulatory and Development Authority of India looks into complaints/grievances received from policyholders.
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The following are the jobs listed as under: Conducting meetings of the Authority, Insurance Advisory Committee (IAC) and meetings of Chairman with Heads of Departments (HoDs) by coordinating various activities;
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Enforcement department processes the inspection reports of various regulated entities and takes the same to logical conclusion by taking appropriate action on each of the observations forming part of the inspection report.
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Process the requests of Insurers for: Transfer of shares/ change in Shareholding . Amalgamation and mergers and Arrangements of Life Insurers
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Health Department is responsible for attending to all the functions involving regulation and supervision of health insurance business.
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The role of Human Resource Department is to meet the requirement of human resources and plan, develop, process and administer policies and programs designed to create an environment that develops, encourage and sustains the well-being of employees. The main aim is to strengthen the employer-employee relationship through measuring job satisfaction, employee engagement and resolving workplace conflict. It is that part of management which is concerned with the people at work and with their relationship within organization.
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The Authority derives the following powers from Sec.14(2)(h) of the IRDAI Act, 1999: o Calling for information o Undertaking inspection o Conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business.
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IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015 (IMF Regulations) were notified in the Gazette on 21.01.2015. The Authority launched an online portal on 26th May, 2015 for facilitating the applicants to submit their applications through portal. The basic functions of the department are as follows.
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Brokers & Distribution Development
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IRDAI (Investment) Regulations, 2016 read along with Master Circular and guidelines amended from time to time regulate Insurers’ Investments.
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Information Technology Department has been providing day-to-day assistance in planning, organizing, and implementing IT Projects designed to support IRDA in all aspects of information technology.
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Legal Issues. Court matters. Scrutinize of petitions received, entry in database, forward to the respective departments. Process for decision to file vakalat after due analysis. Prepare para-wise comments and draft counter affidavit with respect to the petition filed in coordination with the operating department and process for internal administrative approvals.
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It is primarily responsible for work related to regulatory approvals, new regulation making, supervision related to Life Insurance companies and MIS/Inputs for policy making to Authority, Chairperson, Members.
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The following are functions and responsibilities of Non-Life Department : 1. Registration of Insurers. 2. Approval of Liaison offices.
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OLI
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IRDAI established the Re-insurance Department to take care of the following portfolios:- All reinsurance related matters will be handled by the department including the following:
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To enhance and intensify regulatory cooperation, coordination and information exchange between IRDA and Government, domestic financial regulators and International Insurance regulators/association and also to focus on policy making through research and data driven analysis and improve the participation of IRDA in public policy debate, it has been decided by the Authority to form Sectoral Development Department.
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In exercise of the powers conferred by sections 42D, 64 UM and 114A of the Insurance Act, 1938, as amended by The Insurance Laws (Amendment) Act, 2015 and section 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority framed IRDAI Insurance Surveyors and Loss Assessors Regulations, 2015.
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Insurance Regulatory and Development Authority of India (IRDAI) Vigilance Department is under the overall charge of the Chief Vigilance Officer (CVO). The main function of the Vigilance Department is to undertake preventive vigilance and anti-corruption measures as also investigate complaints /allegations having vigilance angle (as defined by the Central Vigilance Commission) against the employees of the Authority.
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