law: Insurance Regulatory and Development Authority Act, 1999
  14. Duties, powers and functions of Authority
  (1) Subject to the provisions of this Act and any other law for
  
  the time being in force, the Authority shall have the duty to regulate, promote
  
  and ensure orderly growth of the insurance business and re-insurance business.
  (2) Without prejudice to the generality of the provisions
  
  contains in sub-section (1), the powers and functions of the Authority shall include,-
  
  
  (a) issue to the applicant a certificate of
  
  registration, renew, modify, withdraw, suspend or cancel such registration;
  (b) protection of the interests of the
  
  policy-holders in matters concerning assigning of policy, nomination be
  
  policy-holders, insurable interest, settlement of insurance claim, surrender
  
  value of policy and other terms and conditions of contracts of insurance;
  (c) specifying requisite qualifications, code
  
  of conduct and practical training for intermediary or insurance intermediaries
  
  and agents;
  (d) specifying the code of conduct for
  
  surveyors and loss assessors;
  (e) promoting efficiency in the conduct of
  
  insurance business;
  (f) promoting and regulating professional
  
  organizations connected with the insurance and re-insurance business;
  (g) levying fees and other charges for
  
  carrying out the purposes of this Act;
  (h) calling for information from, undertaking
  
  inspection of, conducting enquiries and investigations including audit of the
  
  insurers, intermediaries, insurance intermediaries and other organizations
  
  connected with the insurance business;
  ( i ) control and
  
  regulation of the rates, advantages, terms and conditions that may be offered
  
  by insurers in respect of general insurance business not so controlled and.
  
  regulated by the Tariff Advisory Committee under section 64U of the Insurance
  
  Act, 1938;
  (j) specifying the form and manner in which
  
  books of account shall be maintained and statement of accounts shall be
  
  rendered by insurers and other insurance intermediaries;
  (k) regulating investment of funds by
  
  insurance companies;
  (l) regulating maintenance of margin of
  
  solvency;
  (m) adjudication of disputes between insurers
  
  and intermediaries or insurance intermediaries;
  (n) supervising the functioning of the Tariff
  
  Advisory Committee;
  (o) specifying the percentage of premium
  
  income of the insurer to finance schemes for promoting and regulating
  
  professional organizations referred to in clause (f);
  (p) specifying the percentage of life
  
  insurance business and general insurance business to be undertaken by the
  
  insurer in the rural or social sector; and
  (q) exercising such other powers as may be
  
  prescribed.