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

5.  Life Insurance Policy
 General Insurance Policy

6.  Reinsurance
 Double Insurance

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.