Can you list me the Duties, powers and functions of IRDAI or Insurance Regulatory and Development Authority of India? Provide me the contact detail of IRDAI or Insurance Regulatory and Development Authority of India as well?

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.

Duties, powers and functions of IRDAI

The duties, powers and functions of IRDA have been specified under Section 14 of IRDA Act, 1999. The IRDA Authority has the duty to promote, regulate and ensure orderly growth of the insurance and re-insurance businesses across India, subject to the provisions of this Act and any other additional law that is being enforced.

Without prejudice to the generality of the provisions contained in sub-section (1) of IRDA Act, the powers and functions of the Authority shall include:

Issuing a certificate of registration to the applicant as well as modify, renew, withdraw, suspend or cancel any such registration that is deemed unfit.

Protecting the interests of the policyholders in matters concerning assigning of insurance policy, nomination by policyholders, settlement of insurance claim, insurable interest, surrender value of policy and other terms and conditions based on contracts of insurance.

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

Specifying the code of conduct for surveyors and loss assessors

Promotion of efficiency in the conduct of insurance business

Promoting and regulating professional organizations connected with the insurance and re-insurance business across India.

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

Calling for data or information from, undertaking inspection of, conducting enquiries and investigations, conducting audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business.

Under section 64U of the Insurance Act, 1938 (4 of 1938), controlling and regulation of the rates, advantages, terms and conditions etc that may be offered by insurers (or Insurance Companies) in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee.

Specifying the manner and form in which books of account shall be maintained and statement of accounts, financial statements etc shall be rendered by insurers and other insurance intermediaries.

Keeping a tab, exercising control and regulating investment of funds by insurance companies

Regulating the maintenance of margin of solvency by the Insurers

Adjudication of disputes between insurers and intermediaries or insurance intermediaries, hospitals, healthcare organizations or with customers

To effectively supervise the functioning of the Tariff Advisory Committee

Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause (f);

Specifying the percentage of life insurance business and general (or non-life) insurance business to be undertaken by the insurance company in the rural or social sector

Exercising any such other powers that may be prescribed with passage of time

Duties, powers and functions of IRDAI



Contact Detail:
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