Hey as per your demand here I am providing you details of powers of insurance regulatory and development of India

About IRDA
IRDA Act was passed upon the recommendations of Malhotra Committee report (7 Jan,1994), headed by Mr R.N. Malhotra (Retired Governor, RBI)

Objectives of IRDA:
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.
To promote the interest and rights of policy holders.
To promote and ensure the growth of Insurance Industry.

Powers of IRDA
It specifies the form in which books of account should be maintained and statements of accounts should be rendered by insurers and other insurance intermediaries.
It regulates the investment of funds by insurance companies.
It regulates the maintenance of margins of solvency.
It adjudicates disputes between insurers and intermediaries or insurance intermediaries.
It specifies the requisite qualifications, code of conduct and practical training for insurance intermediaries and agents.
The regulator promotes efficiency in the conduct of insurance businesses.
It promotes and regulates activities of professional organisations connected with life and general insurance.
It levies fees and other charges to carry out the purposes of the IRDA Act.
It can call for information from, undertake the inspection of, conduct enquiries including the auditing of insurers, agents, brokers and other organisations connected with the business of insurance.