The Role and Impact of the Insurance Regulatory and Development Authority on the Growth and Development of the Indian Insurance Market

Authors

  • Bhupal Bhattacharya Associate Professor, Banasthali , (A Deemed University)

Keywords:

IRDAI, insurance market, regulatory framework, policyholders' interests

Abstract

This research paper intends to analyze how the Insurance Regulatory and Development Authority of India (IRDAI) has influenced and affected the expansion and progress of the insurance industry in India. The study provides a comprehensive analysis of the regulatory framework established by the IRDAI and its impact on the insurance industry in India. It explores the challenges faced by the IRDAI in regulating the insurance market and how it has responded to these challenges. The research also examines the growth and development of the Indian insurance industry over the years and how the regulatory framework has influenced it. The findings of the study provide insights into the effectiveness of the IRDAI in promoting the growth of the insurance market and enhancing the protection of policyholders' interests. The research concludes with recommendations for further improvement of the regulatory framework.

Author Biography

Bhupal Bhattacharya, Associate Professor, Banasthali , (A Deemed University)

 

BHUPAL BHATTACHARYA   

 

Address    :    Amity Law school, Amity University Mumbai, Bhatan,

P.O. Samathne, Kasalkhand, Dist. Raigarh, Maharashtra- 410206

E-mail    :    [email protected]; [email protected]

Skype id: bhupalbhattacharya

Phone    :    09564368001/ 7718972360   

PROFESSIONAL PROFILE

  • Accomplishing career as an Administrator and Educator at the Graduate and Post Graduate levels.
  • Outstanding track record in assuring student success and in litigation and drafting.
  • Extensive background of developing and implementing special programs for at-risk and special needs.
  • Effective communicator with excellent planning, organizational, and negotiation strengths as well as the ability to lead, reach consensus, establish goals, and attain results.

PROFESSIONAL & ACADEMIC QUALIFICATIONS:   

❖

Pursuing Ph.D. in Law. (2015 Registered)

2015

Assam University

❖

Post Graduation in Social Work (2 Year MSW) with specialization in Family and Child Welfare

2015



SHIATS

❖

Post Graduation in Law (2 year LL.M) with specialization  in Business Laws

2010



Kurukshetra University

❖

Graduation in Law (LL.B.) with First Rank in College (2nd in University)

2006

Assam University

❖

Graduation in Commerce with Honours in Accountancy

2003

Tripura University

❖

Post Graduate Diploma in Computer Application (1 year PGDCA)

2001

National Academy of Computer Careers

 

ACADEMIC /TEACHING EXPERIENCE

» Assistant Professor, Scale-II, Amity Law school, Amity University Mumbai, (October 2016 to present date)

Subjects Entrusted:

3 year LL.B.                      : Law of Contracts, Hindu Law, Company Law.

5 year B.A., LL.B. & BBA LL.B. ( Hons.) : Law of Contracts, Hindu Law, Direct Tax, Company Law,  Consumer Protection Act, 1986, Property Law

1 Year LL.M: Competition Law

 

» Lecturer, Law College Durgapur, July 2011 to 5th October 2016

Subjects Entrusted:

3 year LL.B.                      : Law of Contracts, Hindu Law, Direct Tax, Company Law.

5 year B.A., LL.B. ( Hons.) : Law of Contracts, Intellectual Property Rights (IPR), Hindu Law, Direct Tax, Company Law,  Consumer Protection Act, 1986,

» Visiting Lecturer cum Consultant, Sikkim Manipal University, Agartala Learning Center (Two Academic Sessions viz. Fall 2008 & Spring 2009)

For MBA    :    (a) Legal Aspects of Business; and (b) Taxation Management.

For BBA    :    (a) Legal Regulatory Framework.

» Visiting Faculty, State Institute of Public Administration and Rural Development (SIPARD), Agartala, Tripura (2003), Taught: Basic concepts of Information Technology along with Programming Language.

PUBLICATIONS, SEMINAR PRESENTATIONS & PARTICIPATIONS (UGC SPONSORED)

  • Polluter pays principle: A critical Review (Published in JCC Law Review, Vol. VI No. I, ISSN 2231 296X 2015)
  • Studying Development: A step towards Sustainable Environment and protection of Human Rights (Published in Forest and Environment in India- Law, History, Culture, and Modern Approaches, ISBN 978-93-83252-85-5, EBH Publications, India, December 2015)
  • Conjugal Visits In Prisons In India: A Human Rights Justification

(Paper presented in International Seminar in Sidho-Kanho-Birsha University, Purulia, West Bengal, India, on April 29 & 30, 2014)

 

  • Insensitive Gender Justice in Modern India. (Published in Global Journal of Juridical Sciences, ISSN 2347- 5668, September 2013)
  • Arrest suspends the right to life and liberty of an individual: A study of societal sanction towards custodial crime.

(Paper presented in National seminar in Kalyani University, 18th & 19Th November 2013.)

  • “Development, Environment and Sustainable Livelihood”

(Participated : Department of Economics, University of Burdwan, January 18-19, 2013)

 

  • Privatization of Higher Education in India with Special Focus on the Role of  Private Universities in Legal Education

(Participated in: Jogesh Chandra Chaudhuri Law College, Kolkata in collaboration with Jindal Global Law School, Sonipat, Haryana on 10th February 2013)

  • Arrest suspends the right to life and liberty of an individual: A study of societal sanction towards custodial crime (Paper presented in National Seminar in The Department of Political Science, The University of Kalyani)
  • Unbridled Exploitation of Poor Indians in Clinical Trials, ISBN 978-81-909143-6-9

(Paper presented in: Ambedkar College, Fatikroy, North Tripura on 9th and 10th February 2012, ).

  • Changing Forms of Crimes in Our Society and Ways for Its Prevention,

(Published in: Changing Society, Culture and Its Impacts on People, ISBN-978-81-909878-9-9) (Paper presented in: Sambhu Nath College, Labpur, Birbhum, West Bengal on 15th & 16th February, 2012.)

  • Water Sharing: New Equation of Indo Bangladesh Relation

(Published in: JCC Law Review, Vol. III No. 1, ISSN 2231 296X 2012)

  • An Analysis of Prolific and Unplanned Expansion of Higher Education in India

(Paper presented in: Calcutta University, West Bengal March 15th & 16th  2012)

  • Corruption Control: An Insight

(Paper presented in: Durgapur Institute of Legal Studies, Durgapur, District Burdwan, West Bengal September 28th & 29th 2012)

 

  • Tipaimukh: New Equation Of Indo Bangladesh Bilateral Relation

(Published in: Centre for Juridical Studies Dibrugarh Uniersity, 2012, ISSN No.-0976-1543)

  • A Journey Towards Implementing Directive Principles Of State Policy An Analysis Of Landmark Cases
  • In search of Human Rights in Legislation and Regulatory Practices

(Paper presented in: Directorate of Distance Education, Tripura University, Tripura, 2nd December 2012)

 

ASSOCIATED MEMBERSHIPS

  • Enrolled as Member of the Gauhati High Court Bar Council 89/2007.
  • Enrolled as Member of the Tripura Human Rights Organization, 2008.
  • Enrolled as Member of the Tripura Bar Association, 2007.

 

HIGHLIGHTS OF LITIGATIONS & PROFESSIONAL EXPERIENCES

Kings & Alliance -Advocates & Solicitors, New Delhi (with Advocate on Record Ms. Puja Sharma and Mohit Chaudhary), E-45, Lajpat Nagar, New Delhi.

» Advocate and Associate (Aug 2009 – Jul 2011)

  • Handling of Cases; drafting and finalizing agreements and preparing Legal Notices
  • Keeping track over the journals, circulars, notifications on Criminal and Civil Laws etc.
  • Reviewing the documents relevant to the case, Privilege and Specific Concepts etc.

Sr. Adocate Mr. Saktimoy Chakraborti, Gauhati High Court, Agartala Bench

  • » Advocate and Associate (November 2006 – Jul 2009)



PROFESSIONAL AFFILIATIONS

  • Final Exam Paper setter & Examiner of 5 Years B.A. LL.B., (Hons.), University of Burdwan, & Kalyani University from 2011 to till date
  • Executive Member, Journal Committee Law College Durgapur, Rahul Foundation. 2011 to till date
  • Disciplinary Committee, Member, Law College Durgapur, Rahul Foundation. 2011 to till date
  • Consultant of Sikkim Manipal University, Agartala Branch- 2008-2009

 

ADDITIONAL SOCIAL WORK CONTRIBUTIONS:

  • Unified Transcendence: Founder Member cum Secretary (August 2016 onwards to till date)

 

Remarkable Achievements:

  • Organized Awareness Programmes in the State of Assam (Shibsagar), and about to organize 3 days Rural Entrepreneurship Fair from 31st March to 2nd April 2017 focusing in the potential sectors of Crafts and Arts, Women Empowerment, FMCG, Micro Finance, Agriculture, Training Projects in the state of West Bengal (Durgapur).
  • Organized a Rural Entrepreneurship fair in collaboration with NIT Durgapur, West Bengal on 31st March to 2nd April 2017.
  • ARC Foundation: Director of Netaji Subhas Chandra- Centre for Welfare and Social Development (An independent wing of the ARC Foundation (from 15th January 2014 onwards to till date; Registration No. IV - 00101 of 2012, Sl. No. 02326 of 2012)
  • Remarkable Achievement: Opening of lakhs of Jan Dhan Bank Accounts under the Government Scheme.

I.T. SKILLS :

  • Office Packages    :    MS Office (MS Word, MS Excel, MS Access and MS PowerPoint).
  • Programming    :    GW BASIC Language, FoxPro Language and ‘C’ Language.
  • Operating Systems    :    Windows. 97-2003/ Win. 2007/ Win.  XP/ Win. NT/ Win. Vista.

PERSONAL DETAILS :

  • Father’s Name      :    Prof. Bhakti Prasanna Bhattacharjee (Ex Professor & H.O.D.,

The Maharaja Bir Bikram College, Tripura University, Agartala).

  • Mother’s Name       :    Smt. Sankari Bhattacharjee (Housewife).
  • Date of Birth       :    17th December 1981.
  • Nationality        :    Indian by Birth.
  • Permanent Address : C/o. Prof. B. P. Bhattacharjee, Bhattacharya Enclave,

        Indranagar,   Agartala, Tripura (West) PIN 799006

  • Languages known       :    English, Hindi, Bengali and Assamese.
  • Strengths       :    Attentive, Adaptive, Co-operative, and Hardworking.

INTERESTS & HOBBIES:

  • Social Work activities, Professional Counseling, Travelling, Singing and Listening Music.

DECLARATION: To the best of my knowledge and belief, I hereby declare that all the information as furnished above is true and correct.

 

BHUPAL BHATTACHARYA

References

Kunreuther, Howard. "Mitigating disaster losses through insurance." Journal of risk and Uncertainty 12 (1996): 171-187.

Dutta, Anirban, and Partha Pratim Sengupta. "Efficiency measurement of Indian life insurance industry in post-reforms era." Global Business Review 12, no. 3 (2011): 415-430.

Srivastava, Arnika, and Sarika Tripathi. "Indian life insurance industry-The changing trends." Researchers world 3, no. 2 (2012): 93.

Jain, Yogesh. "Economic reforms and world economic crisis: Changing Indian non life insurance market place." Asian Journal of Research in Business Economics and Management 3, no. 4 (2013): 247-268.

Surya, M., and Dr B. Sudha. "IRDAI-A Regulator of Insurance Business." International Journal of Research in Advent Technology (IJRAT), ISSN (2019): 2321-9637.

Rao, M. Subba, and R. Srinivasulu. "Emerging issues and global challenges of insurance management in the present scenario." International Journal of Managment, IT and Engineering 3, no. 4 (2013): 330-340.

Gairola, Vikas. "A Comparative Study of Public and Private Life Insurance Companies in Post Liberalization Era." IJMBSPrint) Int. J. Manag. Bus. Stud 6, no. 4 (2016): 39-43.

Bawa, Sumninder Kaur, and Samiya Chattha. "Financial performance of life insurers in Indian insurance industry." Pacific Business Review International 6, no. 5 (2013): 44-52.

Krishnamurthy, S., S. V. Mony, Nani Jhaveri, Sandeep Bakhshi, Ramesh Bhat, M. R. Dixit, Sunil Maheshwari, and Ramesh Bhat. "Insurance industry in India: structure, performance, and future challenges." Vikalpa 30, no. 3 (2005): 93-120.

Radhika, H. "Role of IRDA in life insurance sector." ZENITH International Journal of Business Economics & Management Research 2, no. 9 (2012): 35-47. 11. Mannar, Badur Raja. "The Indian market scenario of insurance sector." Asia Pacific Journal of Research Vol: I. Issue XXV (2015).

Kaur, Navdeep, and Ravneet Kaur. "impact of bancassurance income on profitability of state bank of india." desh bhagat college (2022): 48.

Srivastava, Arnika, and Sarika Tripathi. "Indian life insurance industry-The changing trends." Researchers world 3, no. 2 (2012): 93.

Mannar, Badur Raja. "The Indian market scenario of insurance sector." Asia Pacific Journal of Research Vol: I. Issue XXV (2015).

Singh, Jitender, Saloni Pawan Diwan, and Rajesh Kumar. "Government of India's Initiatives for Wider Penetration of Insurance during Covid-19 and Growth of Insurance Industry." Contemporary Issues in Banking, Insurance and Financial Services (2022): 235.

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Published

2023-04-25

How to Cite

Bhattacharya, B. (2023). The Role and Impact of the Insurance Regulatory and Development Authority on the Growth and Development of the Indian Insurance Market. Journal of Banking and Insurance Law, 6(1), 1–7. Retrieved from https://lawjournals.celnet.in/index.php/jbil/article/view/1261

Issue

Vol. 6 No. 1 (2023): Journal of Banking & Insurance Law

Section

Articles

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