As you want to know the Rights And Duties in Insurance Regulatory and Development Authority

About

Insurance Regulatory and Development Authority (IRDA) set up as self-sufficient body under the IRDA Act, 1999

Objectives of IRDA:

To promote the interest and rights of policy holders.
To promote and ensure the growth of Insurance Industry.
To ensure immediate settlement of genuine claims and to prevent frauds and malpractices
To bring transparency and orderly conduct of in financial markets dealing with insurance.

Functions And Duties of IRDA:

Section 14 of IRDA Act,1999 lays down the duties and functions of IRDA:
It issues the registration certificates to insurance companies and regulates them.
It protects the interest of policy holders.
It provides license to insurance intermediaries such as agents and brokers after specifying the required qualifications and set norms/code of conduct for them.
It promotes and regulates the professional organizations related with insurance business to promote good organization in insurance sector.
It regulates and supervises the premium rates and terms of insurance covers.
It specifies the conditions and manners, according to which the insurance companies and other intermediaries have to make their financial reports.
It regulates the investment of policyholder's funds by insurance companies.
It also makes certain the maintenance of solvency margin (company's ability to pay out claims) by insurance companies.

Contact address
Insurance Regulatory and Development Authority
Head Office: Hyderabad
3rd Floor, Parisrama Bhavan,
Basheer Bagh,
Hyderabad - 500004,
Telangana, INDIA.