List and explain briefly the organisations of insurers in India.

Organisations of Insurers
The previous section dealt with the various functions of insurers and insurance organisations. This section deals with the various associations or organisations of insurers and insurance professionals in India.

The professionals involved in the insurance industry unite and organise themselves into different insurer organisations. In India, there are such organisations, which help the professionals to study and discuss their insurance related functions. These organisations are as given below: 
  • Insurance Regulatory and Development Association (IRDA) - The Insurance Regulatory and Development Authority (IRDA) was formed in the year 1999, when the Indian parliament passed the IRDA bill. This organisation was developed to control and enhance the insurance industry standards. It aimed to protect Indian policyholders from different types of risks faced by them.
  • Life Insurance Council - The Life insurance council of India connects a variety of stakeholders in the insurance sector. It was formed in 1938 under the Insurance act. All the life insurance companies in India and some other committees are the members of this council. It was formed to coordinate the discussions between the Government, Regulatory Board and the Public. Some of its functions are listed below: 
  1. Generate trust and confidence among the customers towards the insurance industry.
  2. Preserve the ethics of the insurance industry.
  3. Promote awareness about the benefits of life insurance.
  4. Conduct structured and effective discussions with Government, insurers and regulators.
  5. Conduct research in life insurance. 
  6. Develop the life insurance sector. 
  • Life Insurance Agents Federation of India (LIAFI) - The Life Insurance Agents Federation of India (LIAFI) was formed on 2nd of October, 1964. This association was formed by Life Insurance Corporation of India with all its agents as the members. This non political federation addresses all the issues of the LIC agents in India. It has an Agents Consultative Forum meeting every six months where the LIAFI discusses these issues with the L.I.C. management. LIAFI promotes life insurance education through many institutions. It is concerned about the problems of the LIC policy holders also. It has a larger association i.e., Life Insurance Agents Association (LIAA) which connects all the LIC agents worldwide. Institute of Actuaries of India (IAI) - The Institute of Actuaries of India (IAI), formerly known as the Actuarial Society of India (ASI) was shaped in September,1944 to organise and unite the actuarial professionals of India. It is the Indian equivalent of the Institute of Actuaries, London. It was formed to prepare and educate the actuaries of India. Its basic objectives are:
  1. Progress of the actuarial profession in India.
  2. Provide better opportunities for communication among professional actuaries.
  3. Develop actuarial research.
  4. Provide guidance for actuarial exams. 

  • Insurance Brokers Association of India (IBAI) - Insurance Brokers Association of India (IBAI) was formed in 1956 under the Section 25 of the Companies Act. It is the only IRDA recognised insurance association of brokers in India. Only IRDA licensed brokers can be members of this association. The objectives of IBAI include:
  1. Promote interaction among brokers in India.
  2. Support and carry out interests of the IBAI members. 
  3. Train and educate brokers.
List and explain briefly the organisations of insurers in India. List and explain briefly the organisations of insurers in India. Reviewed by enakta13 on December 14, 2019 Rating: 5

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