Outsourcing IRDA

I want to know some Guidelines on Outsourcing of Activities by Insurance Companies fixed by IRDA?

[pawan]

As you want to know some Guidelines on Outsourcing of Activities by Insurance Companies fixed by IRDA, here I will gather details for you.

Here are some guidelines

Insurers in India are increasingly using outsourcing, as a means of both reducing cost and accessing expertise, not available internally and achieving strategic aims.

Joint Forum set up by Basel Committee on Banking Supervision, International Organization of Securities Commissions and International Association of Insurance Supervisors

“The applicant will carry on “all functions” in respect of insurance business including “management of Investment” within its own organization”.
For full information please have a look on file

In order to ensure proper corporate and regulatory oversight over the outsourcing of activities of insurers, the Authority has decided to issue following instructions under Section 14(2) of Insurance Regulatory and Development Authority Act, 1999.

The insurer shall ensure that outsourcing arrangements neither diminish its ability to fulfill its obligations to Policyholders nor impede effective supervision by IRDA.