IRDA Burning Cost

Hi I have taken the Insturance and I need to know that what is the IRDA Burning Cost so I can have an idea can you please provide me some info ???

[shikha]

Well the IRDA Burning Cost is an insurance-industry calculation of excess losses divided by total subject premium — of a particular risk on its own past acceptances for all available products

According to Irda the insurance companies can consider burning cost of a particular risk on its own past acceptances for all available products.

IRDA Power And Function

Issuing, renewal, modification, withdrawal, suspension or cancellation of registrations;

Protection of the interests of the policy holders in matters concerning assigning of policy,
nomination by policy holders, insurable interest, settlement of insurance claim, surrender
value of policy and other terms and conditions of contracts of insurance;

Specifying requisite qualifications, code of conduct and practical training for intermediary
or insurance intermediaries and agents

Specifying the code of conduct for surveyors and loss assessors;

Promoting efficiency in the conduct of insurance business;

Promoting and regulating professional organisations connected with the insurance and re-
insurance business;
levying fees and other charges for carrying out the purposes of this Act;

Calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries
and other organisations connected with the insurance business;

IRDA structure

Section 4 of IRDAI Act' 1999, specifies the composition of the Authority.

It is a ten-member body consisting of a chairman, five whole-time members and four part-time members, which are all appointed by the Government of India.

The members of the IRDA as of September 2016 are:

Chairman: T.S. Vijayan.

Whole-time members

P.J. Joseph, Nilesh Sathe, V.R. Iyer, Pournima Gupte, D.D. Singh