1. * Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. * It was constituted by a parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the government of India .The agency operates its headquarters at Hyderabad, Andhra Pradesh where it shifted from Delhi in 2001 2. Role of the Insurance Regulatory and Development Authority (IRDA) *IRDA provides a certificate of registration to a life insurance company. *IRDA is responsible for the renewal, modification, withdrawal, suspension or cancellation of this certificate of registration. *IRDA frames regulations on protection of policyholders' interests. *It offers policyholders the right to voice their complaints against insurers or insurance companies 3. *The IRDA has set up the grievance redressal cell to take up the complaints of the policyholder. *It specifies the requisite qualifications, code of conduct and practical training for intermediaries or insurance intermediaries and agents. *It specifies the code of conduct for surveyors and loss assessors; *It promotes efficiency in the conduct of insurance businesses; *It promotes and regulates activities of professional organizations connected with life insurance; *It levies fees and other charges to carry out the purposes of the IRDA Act; *It can call for information from, undertake the inspection of, conduct enquiries and investigations including the auditing of insurers, intermediaries, insurance intermediaries and other organizations connected with the business of life insurance 4. *It specifies the form and manner in which books of account should be maintained and statements of accounts should be rendered by insurers and other insurance intermediaries; *It regulates the investment of funds by insurance companies; *It regulates the maintenance of margins of solvency; *It adjudicates disputes between insurers and intermediaries or insurance intermediaries; *It specifies the percentage of premium income of the insurer to finance schemes for the promotion and regulation of certain specified professional organizations; *It specifies the percentage of life insurance business to be undertaken by an insurer in the rural or social sector; and *It exercises any other powers as may be prescribed 5. • Underwriting is the process through which a lender decides to issue a loan and at what terms. • Underwriting is done at one of several levels depending upon the lender and the nature of the loan: • Loan committee • Loan officer • Automated underwriting process 6. *The underwriter then checks various factors on your application, and on the basis of those factors your risk is determined. Here are some factors that underwriters typically look at: *A person’s age: As far as life insurance cover is concerned, a person’s age is an important consideration. People who are in their thirties or even younger typically present lower risk than older people and may thus qualify for lower premium rates. *Genetic medical history: If you have a long history of serious illness such as cancer or heart problems in your family, then your risk may be assessed as high by the underwriters. On the other hand, if you are in good health and you do not have any genetic history or predisposition to serious illnesses, then your life insurance application should be accepted at standard premium rates. *Current health conditions: If you are in good health you obviously stand to be assessed as a lower risk than someone who has some illness or who has undergone serious surgeries in the past. Sometimes, underwriters may even refuse your life insurance application if it indicates that you are regularly ill, as the insurance company may not be willing to accept the higher risk that comes with regular illness. *The nature of your occupation: The nature of your occupation can also have a significant impact on your life insurance premiums. Generally speaking, people who have jobs such as office jobs are regarded as lower risk in terms of premature deaths. On the other hand, if you are in a job where you need to tackle dangerous or risky situations on a regular basis, your risk factor will be considered higher by the underwriters, which could cause your life insurance premiums to increase. 7. LIFE INSURANCE HANDBOOK -IRDA 8. Insurance Underwriting-IRDA -The Strength behind Success 9. THANK YOU