2. It is shifting or transferring of a risk of loss or
damage from owners and there by sharing of
losses by all members of the group.
A contract of insurance is a contract by which
one party undertakes to make good the loss
of another in consideration of some of money
on the happening of a specified event. For eg:
Fire accident or Death
3. Proposal or Offer
Acceptance
Communication
Consideration
4. Good Faith (uberrimae fide)
Insurable Interest
Principle of Indemnity
Risk
Mitigation of Loss
Contribution
7. Objectives:
Establishing and authority to protect the
interest of the insurance policy.
To regulate promote and insure orderly
growth of insurance industry and matters
connected there with or incidental there to.
To amend the insurance Act, Life Insurance
Act and General Insurance Act.
8. To regulate promote and ensure orderly growth of
Insurance Business.
To maintain proper accounts and prepare annual
statements of accounts as prescribed by central
government.
To submit all financial statements to the central
government within 9 months from completion of
financial year.
To follow the direction issued by central
government.
9. IRDA has all powers of administration.
Power to appoint the staff and officers require to
conduct the business of the Authority smoothly.
Power to hold the property and acquire the
property.
Power to issue a certificate of registration, renew,
modified, cancel such registration to the applicant.
Promoting efficiency in the conduct of Insurance
Business.
