ROLE OF IRDA

Section 14 of IRFDA Act, 1999 lays down the duties, powers & functions of IRDA. The power

& functions of the Authority shall include: 1. Issue to the applicant a certificate of registration, renew,

modify,withdraw, suspend or cancel such registration. 2. Protection of the interests of the policy holders, insurable interest,settlemen

t of insurance claim, surrender value of policy & other terms & conditionsof contracts of insurance. 3.

Specifying requisite qualifications, code of conduct, & practical trainingfor intermediary or insurance

intermediaries & agents; 4. Calling for information from, undertaking inspection of, conductingenquir

ies & investigations including audit of the insurers, intermediaries, insuranceinterme diaries & other organizations connected with

the insurance businnes; 5. Control & regulations of the rates, advantages, terms & conditions thatmay be

offered by insurer in respect of general insurance business not so controlled &regulated by the Tariff Advisory Committee under the section 64U

of the InsuranceAct, 1938 (4 of 1938). 6. Adjudications of disputes between insurers & intermediaries or

insuranceintermed iaries. 4

COMPANY PROFILETata AIG Life Insurance Ltd.

Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company,formed by the Tata Group and American International

Group, Inc. (AIG). Tata AIG Lifecombines the Tata Groups preeminent leadership position in India and AIGs global presence

as one of the worlds leading international insurance and financial servicesorganizati on. The Tata Group holds 74 per cent stake in

the insurance venture with AIGholding the balance 26 per cent. Tata AIG Life provides insurance solutions toindividuals and

corporates. Tata AIG Life Insurance Company was licensed to operate inIndia on February 12, 2001 and started

operations on April 1, 2001.

Companys Mission
We focus on the needs of our customers and create

confidence, trust and loyalty byoffering a wide range of innovative insurance solutions.Strength ened by our commitment to

professional management, we ensure the continuedgrowth and advancement of our employees.

Companys Vision

Tata AIG Life Insurance has a deep rooted commitment to improve the quality of lifeof its customers, employees and stakeholders. We

aim to be the most preferred GeneralInsurance Company. We do this by our efforts which strives to make Tata AIG

LifeInsurance a corporate with values.

Increase Customer Value.

Integrated efforts 5

The T ATA Group

significant internationaloper ations. Revenues in 2007-08 are USD 62.5 billion (around Rs. 251,543 crores), of which 61% was from business

outside India. The Groups Net Profit for 2007-08 is USD5.4 billion (around Rs. 21,578 crores). The Group employs around 350,000

peopleworldwide . The business operations of the Tata Group currently encompass seven business sectors Communications

and Information Technology, Engineering, Materials,Service s, Energy, Consumer Products and Chemicals. The Group's 28

publicly listedenterprises have a combined market capitalisation of around $60 billion, among thehighest among Indian business

houses, and a shareholder base of 2.9 million. The major companies in the Group include Tata Steel, Tata Motors, Tata

Consultancy Services(TCS), Tata Power, Tata Chemicals, Tata Tea, Indian Hotels, Tata Teleservices and TataCommunicati ons.

AIG Group
American International Group, Inc. (AIG), a world leader in insurance and financialservices,

is the leading international insurance organization with operations in more than130 countries and jurisdictions. AIG companies serve

commercial, institutional andindividual customers through the most extensive worldwide property-casualty and lifeinsurance

networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management

around the world. AIG'scommon stock is listed on the New York Stock Exchange, as well as the stock exchangesin Ireland and Tokyo.

SWOT ANALYSISStre ngths

Disciplined fund management - Years of experience in asset management, and astrong track record in managing funds.

Innovative - Known for being an innovator in providing worldclass pragmaticfinancia l solutions, with a

constant focus on customization and flexibility

Customer Satisfaction - A highly committed sales force, with

customer satisfac tion as the key driving force.

Transparency in Services - Daily declaration of fund

performances, regular performa nce benchmarking, well regulated asset management, and monthlynewslette

r on market updates.

Weaknesses

Employees Less number of personnel

Tata AIG Life Insurance

employs around 4328 people in its various businessesand has 112 branches across 134 cities as compared to ICICI Prudential has 735offices, 22

Bank assurance partners and over 2.4 lakh advisors therefore it shouldincrease its offices.

Training Department

Tata AIG Life Insurance has a limited number of trainers in its branches, because of which advisors are not properly trained, so itshould work on

developing its training department.

Opportunities

India's economic development made it a most lucrative

Insurance market in theworld and post liberalisation the entry of foreign partners has been allowed.

Life Insurance industry is

growing at an unprecedent pace so to survive in theIndustry they should analyse the emerging requirements of the policyholders /insurers and

they are in the forefront in providing essential services and 7