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Rules
for Annual
Report - Furnishing of Returns,
Statements and Other Particulars
1.
Short title the commencement
2. Definitions
3.
Form, manner and the time of furnishing of returns, statements and
other particulars
4. Appendix
In
exercise of the powers conferred by section 20 read with clause (e)
of sub-section (2) of section 24 of the Insurance Regulatory and
Development Authority Act, 1999 (41 of 1999), the Central Government
hereby makes the following rules, namely--
1.
Short title the commencement
(1)
These rules may be called the Insurance Regulatory and Development
Authority (Annual Report - Furnishing of Returns, Statements and
Other Particulars) Rules, 2000.
(2)
They shall come into force on the date of their publication.
2.
Definitions
In
these rules, unless the context otherwise requires,--
(a)
"Act" means the Insurance Regulatory and
Development Authority Act, 1999;
(b)
"Appendix" means an appendix annexed to these
rules;
(c)
All other words and expressions used in these rules but not
defined, and defined in the Act shall have the same meanings
respectively assigned to them in the Act.
3.
Form, manner and the time of furnishing of returns, statements and
other particulars--
(1)
The Authority shall furnish to the Central Government the
Annual Report - Returns, Statements and other Particulars in regard
to any proposed or existing programme for the promotion and the
development of the insurance industry giving a true and full account
of its activities in the form and manner prescribed in the appendix.
(2)
The Annual Report - Returns, Statements and other Particulars
of the previous financial year referred to in sub-rule (1) above
shall be submitted by the Authority to the Central Government within
9 months after the close of each financial year.
APPENDIX
[Refer
rule 3]
FORM
OF (ANNUAL REPORT- RETURN, STATEMENTS AND OTHER
PARTICULARS) OF INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY
PART
I
Policies and
programmes
(a)
Review of General Economic Environment
(b)
Appraisal of Insurance Market
(c)
Number and details of authorised insurers/re-insurers
(d)
Policies and measures to develop Insurance Market
(e)
Research and development activities undertaken by the insurers
(f)
Review of--
(i)
protection of interests of policyholders;
(ii)
maintenance of solvency margins of insurers;
(iii)
monitoring of re-insurance;
(iv)
monitoring investments of the insurers;
(v)
health insurance;
(vi)
specified percentage of business to be done in rural sector;
(vii)
pensions;
(viii)
accounts and actuarial standards;
(ix)
directions, orders and regulations given by the Authority;
(x)
powers and functions delegated by the Authority;
(xi)
other policies and programmes having bearing on the working of the
insurance market.
PART
II
Review
of working and operations of the insurance regulatory and
development authority in respect of--
(i)
Regulation of insurance/re-insurance companies;
(ii)
Intermediaries associated with insurance business;
(iii)
Professional institutes connected with insurance education;
(iv)
Litigations, Appeals and Court pronouncements;
(v)
International cooperation in insurance;
(vi)
Public Complaints;
(vii)
Functioning of the Advisory Committee;
(viii)
Functioning of Ombudsman;
(ix)
Review of performance of various Committees set up from time to time
by the IRDA
(x)
Review of the advisory functions performed by the Authority from
time to time;
(xi)
Other activities having a bearing on the insurance market.
PART
III
Statutory
functions of the authority enshrined in the section 14 of the
Insurance Regulatory and Development Authority Act, 1999
PART
IV
Organisational
matters of the insurance regulatory and development authority
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