The Competition Commission of India, COC in the case Shrikant Ishwar Mendke vs Insurance Regulatory and Development Authority of India observed wherein presided by the Chairperson, Ravneet Kaur, the member, Sangeeta Verma and the Member, Bhagwant Singh Bishnoi wherein the court closed the complaint against the Insurance Regulatory and Development Authority of India, IRDAI and the Indian Institute of Insurance Surveyors and Loss Assessors, IIISLA.
It has been held by the Commission that since the functions performed by IRDAI and IIISLA are regulatory in nature, the alleged anti-competitive conduct does not fall within the scope of the provisions of the Competition Act, 2002 Act.
It has also been observed by the CCI that the primary purpose of IRDAI is to establish an Authority that protects the interests of insurance policyholders, regulates, and promotes the orderly growth of the insurance industry, and deals with related matters.
On the other hand, the IISLA is responsible in order to promote and to regulate professional organizations associated with the insurance and reinsurance business.
Therefore, the CCI while considering the Delhi High Court case of Institute of Chartered Accountants of India v. Competition Commission of India & Ors, wherein the court observed and has stated that the current matter falls outside its jurisdiction.
Further, it has been stated that IRDAI being the statuary body and the requirement of IIISLA membership for obtaining and renewing licenses for Surveyors and Loss Assessors is mandated by IRDAI itself. These functions are regulatory in nature and are not directly under the purview of the Competition Commission.
