Composition of Insurance Regulatory and Development Authority

Hello sir I am Mayank, will you please tell me about the Composition of Authority of the Insurance Regulatory and Development Authority???

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India.

It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.

The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001.

The composition of IRDA (Insurance Regulatory and Development Authority), under section 4 of IRDA Act, 1999, signifies Authority.

The Authority is a 10 member team who are appointed by the government of India. This 10 member team comprises of the following members:

(a) Chairman

(b) five whole-time members

(c) four part-time members

The IRDA regulations are enacted under the guidance of a statutory Advisory Committee.

Main Activities of IRDA

The main activities of IRDA can be grouped into the categories as enlisted below:

a) General

b) Intermediaries

c) Acturial

d) Administration & Operations

e) Financial Analysis

f) Analytical Research

Function of Insurance Regulatory and Development Authority:

-Nomination by Policyholders
-Settlement of insurance claim
-Practical training for Insurance agents and other intermediaries
-Insurable Interest
-Surrender value of Policyholders
-Code of conduct of Insurance intermediaries
-Assistance in gaining correct information about policies
-Creation of management information system
-Promotion of Self regulation within the insurance sector

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Answered By StudyChaCha Member