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June 2nd, 2016, 07:51 AM
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Duties of IRDA Act 1999

Hii Sir , I want to Know What are the Duties and Functions of Insurance Regulatory and Development Authority Act 1999 for my General Knowledge , Would you please Provide me Information for same ?

Insurance Regulatory and Development Authority of India (IRDAI) is an Autonomous Apex Statutory Body which regulates and develops the insurance industry in India.

Its Headquarters located in, Hyderabad, Telangana .

The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001


Organizational Structure ;


A Chairman –
T.S. Vijayan

Five whole-time members –
R.K. Nair,
M. Ram Prasad,
S. Roy Chowdhary,
D.D. Singh

Four part-time members –
Anup Wadhawan,
S.B. Mathur,
Prof. V.K.Gupta,
CA. Subodh Kr. Agarwal


The Duties, Powers and Functions of IRDA Act, 1999 ;



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.

Head Office Contact Details :

+91 40 66514888
+91 40 66789768

Address :

United India Towers, 9th Floor,
3-5-817/818, Hyderguda, Basheerbagh,
Hyderabad - 500029, Telangana.


Branch Office: New Delhi Contact Details :

91 11 2344 4404
+91 11 2374 7650
Gate No: 3, Jeevan Tara Building,
1st Floor, Sansad Marg,
New Delhi - 110001.

Last edited by Neelurk; May 11th, 2020 at 04:44 PM.
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