INTERVIEW QUESTIONS INDIAN FINANCIAL SYSTEM REGULATORY INSTITUTIONS DETAILS

Question: State the Duties, Powers and Functions of Insurance Regulatory Development and Authority?

Answer: * issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;
* protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;
* specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents
* specifying the code of conduct for surveyors and loss assessors;
* promoting efficiency in the conduct of insurance business;
* promoting and regulating professional organisations connected with the insurance and re-insurance business;
* levying fees and other charges for carrying out the purposes of this Act;

* issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;
* protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;
* specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents
* specifying the code of conduct for surveyors and loss assessors;
* promoting efficiency in the conduct of insurance business;
* promoting and regulating professional organisations connected with the insurance and re-insurance business;
* levying fees and other charges for carrying out the purposes of this Act; Source: CoolInterview.com

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