Money and Banking (part – II)

Following the recommendations of the Malhotra Committee Report, in 1999, the Insurance Regulatory and Development Authority of India (IRDAI) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDAI was incorporated as a statutory body in April, 2000. IRDAI is tasked with regulating and promoting insurance and re-insurance industries in India. The key objectives of the IRDAI include promotion of competition so as to enhance customer satisfaction through increased consumer, choice and lower premium, while ensuring the financial security of the insurance market.

Following the recommendations of the Malhotra Committee Report, in 1999, the Insurance Regulatory and Development Authority of India (IRDAI) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDAI was incorporated as a statutory body in April, 2000. IRDAI is tasked with regulating and promoting insurance and re-insurance industries in India. The key objectives of the IRDAI include promotion of competition so as to enhance customer satisfaction through increased consumer, choice and lower premium, while ensuring the financial security of the insurance market.

Following the recommendations of the Malhotra Committee Report, in 1999, the Insurance Regulatory and Development Authority of India (IRDAI) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDAI was incorporated as a statutory body in April, 2000. IRDAI is tasked with regulating and promoting insurance and re-insurance industries in India. The key objectives of the IRDAI include promotion of competition so as to enhance customer satisfaction through increased consumer, choice and lower premium, while ensuring the financial security of the insurance market.

The Insurance Regulatory and Development Authority of India (IRDAI) had se up a panel in October, 2020 under the chairmanship of P. Umesh to examine need for standard cyber liability insurance product. This panel was tasked to explore possibility of a basic standard product structure to provide insurance cover for individuals and establishments to manage their cyber risks. The panel had been asked to study various statutory provisions on information and cybersecurity, and to evaluate critical issues involving legal aspects of transaction in cyber space.

Actuaries is related to insurance sector. A business professional who deals with risk assessment, uncertainty and estimation of premium etc. for and insurance business is called an actuary.

The purpose of the indemnity principle is to set back the insured at the same financial position as he/she was before the loss occurred. All insurance undertakes to compensate the insured for the loss caused to him/her due to damage or destruction of property insured. This principle of indemnity is not applicable to life insurance because one cannot estimate the loss due to the death of a person

Provident Fund in India is contract based savings. It is a government managed, mandatory retirement saving scheme. Provident fund is the portion of the government on contract basis. An employee gives a portion of his/her salary to the provident fund and an employer should make a contribution on behalf of his employees. It is government liability, not an income.

The Constitution of India provides three types of funds of the Central Government : (i) Consolidated Fund of India (ii) Contingency Fund of India (iii) Public Account of India. Money received by the Government under the 'State Provident Funds' credited to the public Accounts Funds.

A pension fund is also known as a superannuation fund, is any plan or scheme which provides retirement income. In India, among the given options, importance of pension funds has reduced to most.

Forward Markets Commission (FMC) was established in 1953. FMC was the chief regulator of commodity futures markets in India. On 28 September, 2015, the FMC was merged with the Securities and Exchange Board of India (SEBI) .