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Policies/Guidelines
1. Irda has set a new deadline of December 2006 to complete the price deregulation system in the domestic general industry. Currently almost 70% of the general insurance market functions under the tariff system which is fixed by Tariff Advisory Committee (TAC), a constitutional body supervised by Irda. The intention of such road map is to see that there is an orderly movment from the present regime to the future set up.While IRDA assumes that all lines of business would be detariffed, to start with it may be limited to lines other than motor in view of of the sizeable share the motor premium commands in the overall premium collected by the insurers and the large number of policyholders involved in this lines of business.
2. IRDA has clarified, that the function of underwriting and rating of insurance business should be independent of the business development function and not be made subservient to the business development function.
3. The Insurance Regulatory & Development Authority (IRDA) has issued revised guidelines licensing of corporate agents. Irda has stipulated that the decision to engage any person as corporate agent will be taken only in the corporate office of the insurance company and proceedings appointing the person as corporate agent will be issued by an officer who will specially be designated by the chief executive officer to issue to such orders.
Insurers have been directed to carry out 'surprise inspections' of the books and records of the group organiser or manager at least once a year to ensure total compliance.