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ANNUAL REPORT 2011-12 PART - III STATUTORY AND DEVELOPMENTAL FUNCTIONS OF THE AUTHORITY III.1 Issue to the applicant a certifi cate of registration, renew, modify, withdraw, suspend or cancel such registration ..... 101 III.2 Protection of the interests of policyholders in matters concerning assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance ..... 102 III.3 Specifying requisite qualifi cations, code of conduct and practical training for intermediaries or Insurance Intermediaries and agents ..... 102 III.4 Specifying the code of conduct for surveyors and loss assessors ..... 104 III.5 Promoting effi ciency in the conduct of insurance business ..... 105 III.6 Promoting and regulating professional organizations connected with the insurance and reinsurance business ..... 107 III.7 Levying fees and other charges for carrying out the purposes of the Act ..... 107 III.8 Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business ..... 107 III.9 Control and regulation of rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the ..... 108 Insurance Act, 1938 (4 of 1938) III.10 Specifying the form and manner in which books of accounts shall be maintained and statements of accounts shall be rendered by Insurers and other insurance intermediaries ..... 109 III.11 Regulating investment of funds by insurance companies ..... 110 III.12 Regulating maintenance of margin of solvency ..... 110 III.13 Adjudication of disputes between Insurers and Intermediaries or Insurance Intermediaries ..... 111 III.14 Supervising the functioning of the Tariff Advisory Committee (TAC) ..... 112 III.15 Specifying the percentage of premium income of the insurer to fi nance schemes for promoting and regulating professional organizations referred to in clause (6) ..... 112 III.16 Specifying the percentage of life insurance business and general insurance business to be undertaken by the Insurers in the rural and social sector ..... 112 III.17 Exercising such other powers as may be prescribed ..... 113 PART - IV ORGANISATIONAL MATTERS IV.1 Organisation ..... 115 IV.2 Meetings of the Authority ..... 115 IV.3 Human Resources ..... 115 vi
ANNUAL REPORT 2011-12 IV.4 Promotion of Offi cial Language ..... 115 IV.5 Research & Development ..... 116 IV.6 Status of Information Technology ..... 116 IV.7 Accounts ..... 119 IV.8 <strong>IRDA</strong> Journal ..... 120 IV.9 Acknowledgements ..... 120 LIST OF BOX ITEMS 1. State-wise Life Insurance Penetration and Density of Individual New Business ..... 20 2. Persistency of Life Policies and Servicing of Orphan Policies ..... 26 3. Initiatives on the Development of Health Insurance ..... 44 4. Financial Literacy and Consumer Education on Insurance ..... 47 5. Supervision of Market Conduct ..... 49 6. Formation of Indian Motor Third Party Declined Risk Insurance Pool ..... 58 7. Productivity of the Tied Agents (Life Insurance) – A Market Observation ..... 78 8. Surveyors & Loss Assessors - Recent Initiatives of <strong>IRDA</strong> ..... 87 9. Insurance Information Bureau (IIB) ..... 118 LIST OF TEXT TABLES I.1 Real Growth in Premium During 2011 ..... 16 I.2 Insurance Penetration and Density in India ..... 18 I.3 Registered Insurers in India ..... 23 I.4 Premium Underwritten : Life Insurers ..... 24 I.5 Market Share : Life Insurers ..... 24 I.6 New Policies Issued : Life Insurers ..... 24 I.7 Paid-up Capital : Life Insurers ..... 27 I.8 Commission Expenses : Life Insurers ..... 27 I.9 Commission Expense Ratio : Life Insurers ..... 28 I.10 Operating Expenses : Life Insurers ..... 28 I.11 Operating Expense Ratio : Life Insurers ..... 28 I.12 Individual Death Claims : Life Insurers ..... 29 I.13 Group Death Claims : Life Insurers ..... 31 I.14 Number of Life Insurance offi ces ..... 32 I.15 Distribution of Offi ces of Life Insurers ..... 32 I.16 Gross Direct Premium Income in India of Non-Life Insurers ..... 34 vii
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ANNUAL REPORT 2011-12 Insurer TABLE
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ANNUAL REPORT 2011-12 Total of Indi
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ANNUAL REPORT 2011-12 cent of compl
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ANNUAL REPORT 2011-12 III.4.3 The i
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ANNUAL REPORT 2011-12 These factors
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ANNUAL REPORT 2011-12 IV.5 RESEARCH
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ANNUAL REPORT 2011-12 compare the g
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ANNUAL REPORT 2011-12 IV.8 IRDA JOU
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ANNUAL REPORT 2011-12 INTERNATIONAL
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ANNUAL REPORT 2011-12 FIRST YEAR (I
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ANNUAL REPORT 2011-12 STATEMENT 5 I
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ANNUAL REPORT 2011-12 STATEMENT 6 G
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ANNUAL REPORT 2011-12 STATE WISE IN
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ANNUAL REPORT 2011-12 LINKED AND NO
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ANNUAL REPORT 2011-12 EQUITY SHARE
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ANNUAL REPORT 2011-12 LIFE INSURERS
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ANNUAL REPORT 2011-12 FEE STRUCTURE
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ANNUAL REPORT 2011-12 ANNEX 3 (ii)
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ANNUAL REPORT 2011-12 Contd… ANNE
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ANNUAL REPORT 2011-12 LIST OF MICRO
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ANNUAL REPORT 2011-12 REGULATIONS F
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