Hii sir, I wants to know the Role and Functions of the Insurance Regulatory and Development Authority of India ?

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999

Role 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.


Functions :

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.





For more details please Consider the Below Attachment that is Free to Download

Attached Files

IRDA Role And Functions.pdf (301.0 KB, 613 views)