The Insurance Regulatory and Development Authority (IRDA) was set up in 1999.

It was constituted by the Insurance Regulatory and Development Authority Act, 1999.

The IRDAI attempted to raise the foreign direct investment (FDI) limit in the insurance sector to 49 percent from its current 26 percent.

As you want to know about all Duties, powers and functions of IRDA as Regulatory Body, so here are following details:

Duties, powers and functions of IRDA as Regulatory Body
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 the code of conduct for surveyors and loss assessors;

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

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);

Regulating investment of funds by insurance companies;

Adjudication of disputes between insurers and intermediaries or insurance intermediaries;

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

Regulating maintenance of margin of solvency;

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;

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

Promoting efficiency in the conduct of insurance business;

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

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

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);