Hello Buddy , I want to know Features of Insurance Regulatory Development Authority Act, 1999 , Would you please Provide ,me Same ?

The Insurance Regulatory Development Authority Act, 1999 Marked the End of Government Monopoly in the Insurance Business.

The IRDA Act Received the Assent of the President of India on 29 December 1999.

The IRDA Act has ramifications on The Insurance Act (1938), The Life Insurance Corporation Act (1956) and The General Insurance Business(Nationalisation) Act (1972).

The Following are Salient Features of the IRDA Act (1999):

• 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.