Role and Functions of IRDA+Ppt - 2018-2019 StudyChaCha

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Old November 10th, 2017, 03:11 PM
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Default Role and Functions of IRDA+Ppt

I am preparing for interview to get job in IRDA. I want important topics on Role and Functions of IRDA. So someone is here who will provide important points on Role and Functions?
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Old November 11th, 2017, 08:32 AM
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Default Re: Role and Functions of IRDA+Ppt

As you want to get information about Role and Functions of IRDA, so I am providing complete information related to Role and Functions:

IRDA ROLE & FUNCTIONS

Objectives of IRDA:
To promote the interest and rights of policy holders.

To bring transparency and orderly conduct of in financial markets dealing with insurance.

To promote and ensure the growth of Insurance Industry.

To ensure speedy settlement of genuine claims and to prevent frauds and malpractices

Functions & Duties of IRDA:
Section 14 of IRDA Act,1999 lays down the duties and functions of IRDA:

It protects the interest of policy holders.

It promotes and regulates the professional organisations related with insurance business to promote efficiency in insurance sector.

It specifies the conditions and manners, according to which the insurance companies and other intermediaries have to make their financial reports.

It also ensures the maintenance of solvency margin (company's ability to pay out claims) by insurance companies.

It issues the registration certificates to insurance companies and regulates them.

It provides license to insurance intermediaries such as agents and brokers after specifying the required qualifications and set norms/code of conduct for them.

It regulates and supervise the premium rates and terms of insurance covers.

It regulates the investment of policyholder's funds by insurance companies.

You can contact us on website where you are visiting now to get more information about IRDA. We will provide best information as you want.
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