annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10PART IVORGANISATIONAL MATTERS1. OrganisationIV.1.1 During the year, IRDA forged ahead towardsthe tasks before it under the guidance andchairmanship of Shri J. Hari Narayan. The year sawShri C.R.Muralidharan, Member (F&I), demit officeafter completion of his tenure on 3 rd November, 2009.In his place, Shri R.K.Nair joined the Authority asMember (F&I) on 18 th March, 2010. Prior to joiningthe Authority as Member, Shri R.K.Nair was servingas Executive Director in the Securities and ExchangeBoard of India (SEBI). Shri K.K.Srinivasan, ShriG.Prabhakara and Dr. R.Kannan continued as wholetime Members of IRDA during the year.IV.1.2 Shri Amarjit Chopra, President, Institute ofChartered Accountants of India, became part-timeMember with effect from 6 th February, 2010.Shri Vijay Mahajan, Chairman, BASIX Group andSmt. Ela R.Bhatt, Founder of Self Employed Women’sAssociation (SEWA) continued to be part-timeMembers of IRDA. Smt. L.M.Vas, Additional Secretary,Ministry of Finance joined the Authority as part-timeMember on 5 th October, 2009.IV.1.3 Shri Uttam Prakash Agarwal was part-timeMember from 6 th February, 2009 to 5 th February, 2010.Shri Rahul Khullar, Secretary (Disinvestment), Ministryof Finance, Government of India, was part-timeMember of IRDA from 20 th February, 2009 to 4 thOctober, 2009.2. Meetings of the AuthorityIV.2.1 Five meetings of the Authority were held duringthe financial year 2009-10. IRDA also held onemeeting of the Insurance Advisory Committee (IAC)during the year under review.3. Human ResourcesIV.3.1 To take care of the human resourcesrequirement of the Authority, recruitment wasundertaken at the levels of Deputy Director and JointDirector. One Joint Director and seven DeputyDirectors were recruited during the year.IV.3.2 The Authority, in conjunction with Governmentof Andhra Pradesh, has set up Institute of Insuranceand Risk Management (IIRM) at Hyderabad in 2002.The functioning of IIRM is overseen by the Board ofDirectors headed by the Chairman, IRDA.4. Promotion of Official LanguageIV.4.1 A separate Official Language ImplementationDepartment has been set-up and is functioning inIRDA to ensure implementation of the constitutionalprovisions of Official Language; to implement theOfficial Language Policy of the Government of India;and to promote use of Hindi in the Headquarters aswell as in the subordinate offices. All efforts are beingmade to promote use of Hindi in the official work.Progress made in the use of Hindi was reviewedperiodically and necessary measures were adoptedto achieve the targets fixed for various items underthe Annual Programme for the year 2009-10 issuedby the Department of Official Language. IRDApublishes a monthly Journal, which also contains aHindi Section. All Notifications issued by IRDA are inbi-lingual form.5. Research & DevelopmentIV.5.1 To capture the trends in various businessoperations of the insurance companies, Research &Development Department brought out the Handbookon Indian Insurance Statistics in 2007-08, which wasfound to be of great help to various stakeholders inthe industry. In view of usefulness of the Handbook,the department came out with its second edition byextending time-series data upto 2008-09. Whilecarrying forward the improvements in the Handbook,suggestions received based on valuable feedbackfrom readers and users were also incorporated. TheDepartment is working on the feasibility of adding newtime-series data in its 3 rd edition, which is likely to bereleased in January 2011. The Department is alsoattempting to prepare a glossary of technical terms,which could be included in appropriate publicationsin due course. This will help users to be conceptuallysound while analysing and interpreting the data. Thedepartment conducted a meeting with CentralStatistical Organisation (CSO) to discuss related83