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

Claim Settlement Ratio is one of the important attributes to measure a company's performance and customer satisfaction.

IRDA Claim Settlement Ratio 2015-16

Green-Claim Settlement Ratio from 90% to 100%

Yellow-Claim Settlement Ratio from 80% to 89%

Red-Claims below 79%.

Functions

Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations
Protecting policyholder interests
Specifying qualifications, the code of conduct and training for intermediaries and agents
Specifying the code of conduct for surveyors and loss assessors
Promoting efficiency
Promoting and regulating professional organisations connected with the insurance and re-insurance industry
Levying fees and other charges
Inspecting and investigating insurers, intermediaries and other relevant organisations
Regulating rates, advantages, terms and conditions which may be offered by insurers not covered by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938)
Specifying how books should be kept
Regulating company investment of funds
Regulating a margin of solvency
Adjudicating disputes between insurers and intermediaries or insurance intermediaries
Supervising the Tariff Advisory Committee
Specifying the percentage of premium income to finance schemes for promoting and regulating professional organisations
Specifying the percentage of life- and general-insurance business undertaken in the rural or social sector
Specifying the form and the manner in which books of accounts shall be maintained, and statement of accounts shall be rendered by insurers and other insurer intermediaries.