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June 15th, 2016, 05:08 PM
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Join Date: Mar 2012
IRDA Functions Pdf

I want to know the functions of Insurance Regulatory and Development Authority (IRDA) so can you tell me?

Insurance Regulatory and Development Authority (IRDA) was established by the Government of India to supervise & resolve the issues arising in insurance sector.

It aim of the authority is β€œto protect the interest of holders of Insurance policies to regulate, promote and ensure orderly growth of Insurance industry & for matters connected therewith or incidental thereto.”

Duties & Functions of IRDA

The duty of the authority is to control, promote and safeguard orderly growth of the insurance industry and reinsurance business subject to the provisions of any other provisions of the act.

Functions -

Promoting ability in the conduct of insurance business;

To protect the interest of the policy holders related to surrender value of policy, settlement of insurance claims, insurable interest, nomination by policy holders, other terms & conditions of insurance contract.

In case of General Insurance, who assess the loss of policy holder should be stated the code of conduct.

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

Calling for information from, undertaking inspection of, conducting inquiries including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the Insurance business;

Regulating investment of funds by insurance companies;

Stating the form and manner in which books of account shall be kept and statement of accounts shall be rendered by insurers and other insurance intermediaries;

To settle the disputes between insurers and intermediaries or insurance intermediaries

Regulating maintenance of margin of solvency i.e., having sufficient funds to pay insurance claim amount;

Stating the percentage of life insurance business and general insurance business to be accepted by the insurer in the rural or social sector; and

Contact-

Head Office :

Insurance Regulatory and Development Authority of India
3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004
Telangana State (INDIA )

Ph: (040) 23381100
Fax: (040) 6682 3334

Delhi Office:

Insurance Regulatory and Development Authority of India
Delhi Office – Gate No. 3
Jeevan Tara Building, First Floor
Sansad Marg, New Delhi-110001

Ph: (011) - 2344 4400

Fax: (011) - 2374 7650

Mumbai Office:

Insurance Regulatory and Development Authority of India
Mumbai Regional Office
Royal Insurance Building
12, J. Tata Road, Ground Floor
Mumbai 400 020.
Near Churchgate)

Phone No.: 022- 22898600

Last edited by Neelurk; May 25th, 2020 at 10:06 AM.
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