IRDA And Its Role In Financial Market

I am making project report on the topic IRDA - Insurance Regulatory Development and Authority and want details related to this. Will you please provide me details about IRDA And Its Role In Financial Market also provide details about the organizational structure of IRDA?

IRDA - Insurance Regulatory Development and Authority is the statutory, independent and apex body that governs and supervise the Insurance Industry in India.

Functions And Roles of IRDA:

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

It issues the registration certificates to insurance companies and regulates them.
It protects the interest of policy holders.
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 promotes and regulates the professional organisations related with insurance business to promote efficiency in insurance sector.
It regulates and supervise the premium rates and terms of insurance covers.
It specifies the conditions and manners, according to which the insurance companies and other intermediaries have to make their financial reports.
It regulates the investment of policyholder's funds by insurance companies.
It also ensures the maintenance of solvency margin (company's ability to pay out claims) by insurance companies.

Objectives of IRDA:

To promote the interest and rights of policy holders.
To promote and ensure the growth of Insurance Industry.
To ensure speedy settlement of genuine claims and to prevent frauds and malpractices
To bring transparency and orderly conduct of in financial markets dealing with insurance.

Organizational Setup of IRDA:

IRDA is a ten member body consists of :

One Chairman (For 5 Years & Maximum Age - 60 years )
Five whole-time Members (For 5 Years and Maximum Age- 62 years)
Four part-time Members (Not more than 5 years)

The chairman and members of IRDAI are appointed by Government of India.

The present Chairman of IRDAI is Mr T.S Vijayan.

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Answered By StudyChaCha Member