Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India.

Role 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 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.

The official portal of IRDA looks like:



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)

Contact:

IRDA
Head Office: Hyderabad
3rd Floor, Parisrama Bhavan,
Basheer Bagh,
Hyderabad - 500004,
Telangana, INDIA.
+91 40 2338 1100
+91 40 6682 3334