Section 4 of the IRDAI act 1999 specifies the authority composition.
It is a ten member body consisting of :
a) Chairmen (Subhash.C.Khuntia from 1st SEP )
b) Five whole time member.(P.J.Josep, Nilesh sathe, Pournima gupta, Pravin kutumbe, Sanjay banarji)
c) Four part-time members.
These to be appointed by the central government from amongst persons of ability , integrity and standing who have knowledge or experience in life, general insurance, finance, economics, law, administration.
Role and justification:
1. To regulate the rates, terms and Conditions of insurance, offered to their customer in general insurance business.
2. To regulate how insurance company invest their funds and maintain their margin of solvency.
3. To conduct investigation and Audits of insurance company and any other organization connected with insurance company.
4. Investigation manages quality and deals with losses arising from any contingency.
5. Estimate measures and determine the quantum and description of the subject under loss.
6. To conduct inspection and re-inspection of the property and question suffering loss & Conduct spot and final surveys as and when necessary and final surveys and when necessary and comment upon franchise excess / under insurance and any other related matter.
7. To advise insurer and insured about loss minimization, control loss for security and safety devise.