The IRDA Authority has the obligation to advance, manage and guarantee deliberate development of the protection and re-protection organizations crosswise over India, subject to the procurements of this Act and some other extra law that is being implemented.

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.

Functions and Duties of IRDA:

Segment 14 of IRDA Act, 1999 sets out the obligations and elements of IRDA:

It issues the enlistment declarations to insurance agencies and directs them.

It secures the enthusiasm of approach holders.

It gives permit to protection delegates, for example, specialists and merchants in the wake of indicating the required capabilities and set standards/set of principles for them.

It advances and manages the expert associations related with protection business to advance effectiveness in protection part.

It manages and administer the premium rates and terms of protection spreads.

It determines the conditions and conduct, as indicated by which the insurance agencies and different mediators need to make their money related reports.

It controls the venture of policyholder's assets by insurance agencies.

It additionally guarantees the upkeep of dissolvability edge (organization's capacity to pay out cases) by insurance agencies.