Life

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Functions and Responsibilities of Life Department:

It is primarily responsible for work related to regulatory approvals, new regulation making, supervision related to Life Insurance companies and MIS/Inputs for policy making to Authority, Chairperson, Members.

 

The following are the details of Functions and Responsibilities:

  1. Registration of New Life Insurance Companies
  2. Approval for opening of new places of business by Life Insurers as per Section 64 VC of the Insurance Act,1938
  3. Section 34A (of the Insurance Act,1938) approvals related to appointment, termination and remuneration of Whole Time Directors of Insurance Cos.
  4. Approvals for Applications of Life Insurers under Issuance of capital regulations,2015
  5. Approval of change of name of Life Insurers
  6. New Product Review in terms of the Sales Literature, Proposal Forms and Policy Document submitted along with the File and Use Application.
  7. Review of the minor modifications made to the products (Sales Literature, Policy Documents) through Use & File Guidelines.
  8. Approval of Referral Companies under Sharing of Database for Distribution of Insurance Products Regulations, 2010.
  9. Matters pertaining to Life Insurance Council
  10. Review of Advertisements filed by Life Insurers
  11. Inputs to Enforcement wing on Life Insurance related aspects
  12. Review of Micro Insurance Regulations, Group Insurance Guidelines, Other Market conduct related matters
  13. New Regulation making related to market conduct related Life Insurance, Rural and Social sector Obligations for Insurers, Outsourcing
  14. Analysis of Fraud Monitoring reports submitted by Life Insurers.
  15. Review of regulatory returns pertaining to Outsourcing, Trade Logos, Key Management Personnel submitted by Life Insurers.
  16. Offsite monitoring of market conduct thru regulatory returns.
  17. Responses to RTI applications and Parliamentary Questions.
  18. Review of Regulatory returns and generation of business MIS,
  19. Correspondence with Ministry and Government Departments.