What IRDA Do

Hello sir, my brother is looking for to become a member of IRDA. Is there any one can tell me what IRDA do?

The Insurance Regulatory and Development Authority of India is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India.

It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an act of Parliament passed by the government of India.

The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001

The Insurance Regulatory and Development Authority Act, 1999 means out the Mission of IRDA as:

“to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto”

Functions:

Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations
Protecting policyholder interests
Specifying qualifications, the code of conduct and training for intermediaries and agents
Regulating a margin of solvency
Adjudicating disputes between insurers and intermediaries or insurance intermediaries
Supervising the Tariff Advisory Committee
Specifying the percentage of life- and general-insurance business undertaken in the rural or social sector
Specifying the code of conduct for surveyors and loss assessors
Promoting efficiency
Levying fees and other charges
Inspecting and investigating insurers, intermediaries and other relevant organisations
Specifying how books should be kept
Regulating company investment of funds

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Answered By StudyChaCha Member