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  #1  
June 11th, 2016, 02:42 PM
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What Are the Functions of IRDA

Hello sir I am making project on IRDA and I am here as I want to know what are the Functions of IRDA so will you please tell me about the Functions of this Insurance Company???
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  #2  
June 11th, 2016, 04:57 PM
Super Moderator
 
Join Date: Mar 2012
Re: What Are the Functions of IRDA

IRDA - Insurance Regulatory Development and Authority is the statutory, independent and apex body that governs and supervise the Insurance Industry in India.

It was constituted by Parliament of India Act called Insurance Regulatory and Development Authority of India (IRDA of India) after the formal declaration of Insurance Laws (Amendment) Ordinance 2014, by the President of India Pranab Mukherjee on December 26,2014.

Functions and Duties 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 organisations related with insurance business to promote efficiency in insurance sector.

-It regulates and supervise 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 ensures the maintenance of solvency margin (company's ability to pay out claims) by insurance companies.


Objectives of IRDA:


-To promote the interest and rights of policy holders.

-To promote and ensure the growth of Insurance Industry.

-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.


Organisational Setup of IRDA:


IRDA is a ten member body consists of :

-One Chairman (For 5 Years & Maximum Age - 60 years )

-Five whole-time Members (For 5 Years and Maximum Age- 62 years)

-Four part-time Members (Not more than 5 years)


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