Functions and Responsibilities of Life Department:
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.
The following are the details of Functions and Responsibilities:
- Registration of New Life Insurance Companies
- Approval for opening of new places of business by Life Insurers as per Section 64 VC of the Insurance Act,1938
- Section 34A (of the Insurance Act,1938) approvals related to appointment, termination and remuneration of Whole Time Directors of Insurance Cos.
- Approvals for Applications of Life Insurers under Issuance of capital regulations,2015
- Approval of change of name of Life Insurers
- New Product Review in terms of the Sales Literature, Proposal Forms and Policy Document submitted along with the File and Use Application.
- Review of the minor modifications made to the products (Sales Literature, Policy Documents) through Use & File Guidelines.
- Approval of Referral Companies under Sharing of Database for Distribution of Insurance Products Regulations, 2010.
- Matters pertaining to Life Insurance Council
- Review of Advertisements filed by Life Insurers
- Inputs to Enforcement wing on Life Insurance related aspects
- Review of Micro Insurance Regulations, Group Insurance Guidelines, Other Market conduct related matters
- New Regulation making related to market conduct related Life Insurance, Rural and Social sector Obligations for Insurers, Outsourcing
- Analysis of Fraud Monitoring reports submitted by Life Insurers.
- Review of regulatory returns pertaining to Outsourcing, Trade Logos, Key Management Personnel submitted by Life Insurers.
- Offsite monitoring of market conduct thru regulatory returns.
- Responses to RTI applications and Parliamentary Questions.
- Review of Regulatory returns and generation of business MIS,
- Correspondence with Ministry and Government Departments.