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Functions and Responsibilities of Supervision Department
- The Authority derives the following powers from Sec.14(2)(h) of the IRDAI Act, 1999:
- Calling for information
- Undertaking inspection
- Conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business.
- Sec.33 of the Insurance Act, 1938 empowers the Authority to appoint ‘Investigating Officer’ to investigate the affairs of any insurer or intermediary or insurance intermediary. The Investigating Officer may employ any auditor or actuary or both for the purpose of assisting him in any investigation under Sec.33.
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FAQs
What are the different types of onsite inspections the Authority undertakes?
The Authority undertakes following types of onsite inspections:
- General regular onsite inspections
- Focus inspections
- Investigations under Sec.33 of the Insurance Act
What are the entities that the Authority generally inspects?
The Authority is empowered to inspect the following entities:
- Insurers, Reinsurer, Branches of Foreign Reinsurers;
- Intermediaries and insurance intermediaries; and
- Other organizations connected with insurance business.
When the intimation for onsite inspection are sent to the regulated entities?
Generally, advance intimations of onsite inspection of insurers are given at least 20 days prior to start of onsite inspection, and for other entities at least 10 days prior to start of onsite inspection. Focus inspections are generally conducted without prior notice.
How much time is given to entities for submission of data/documents required for onsite inspection?
Generally, at least 15 days’ time is given for insurance companies and at least 07 days’ time is given to intermediaries and other entities for submission of data/ documents required for onsite inspection.
What is the duration of onsite inspections?
Generally, the duration of onsite inspection of insurance companies is 10 working days and 3 working days for onsite inspection of intermediaries and other entities. The duration may be extended, if required.