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  #1  
June 10th, 2016, 02:14 PM
Unregistered
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Full form of IRDA

Hi buddy what di mean by IRDA in Insurance department in the India companies refrecne , will you plz tell me its full form ??
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  #2  
June 10th, 2016, 04:01 PM
Super Moderator
 
Join Date: Mar 2012
Re: Full form of IRDA

As you asking I am telling IRDA full form is Insurance Regulatory and Development Authority of India which is an autonomous apex statutory body which regulates and develops the insurance industry in India.

Functions of IRDAI:


Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;

Protection of the interests of the policy holders in matters concerning assigning of Policy, nomination by policy holders, insurable interest, settlement of insurance Claim, surrender value of policy and other terms and conditions of contracts of Insurance;

Specifying requisite qualifications, code of conduct and practical training for
Intermediary or insurance intermediaries and agents

Specifying the code of conduct for surveyors and loss assessors;


Promoting efficiency in the conduct of insurance business;

Promoting and regulating professional organisations connected with the
Insurance and re-insurance business;

Levying fees and other charges for carrying out the purposes of this act;

Calling for information from, undertaking inspection of, conducting enquiries and
Investigations including audit of the insurers, intermediaries, insurance
Intermediaries and other organisations connected with the insurance business;

Control and regulation of the rates, advantages, terms and conditions that may be

Offered by insurers in respect of general insurance business not so controlled and regulated by the tariff advisory committee under section 64u of the insurance
Act, 1938 (4 of 1938);

Specifying the form and manner in which books of account shall be maintained
And statement of accounts shall be rendered by insurers and other insurance
Intermediaries;

Regulating investment of funds by insurance companies;

Regulating maintenance of margin of solvency;

Adjudication of disputes between insurers and intermediaries or insurance
Intermediaries;

Supervising the functioning of the tariff advisory committee;

Specifying the percentage of premium income of the insurer to finance schemes
For promoting and regulating professional organisations referred to in clause (f);

Specifying the percentage of life insurance business and general insurance
Business to be undertaken by the insurer in the rural or social sector; and

Exercising such other powers as may be prescribed


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