Insurance Regulatory and Development Authority (IRDA) set up as autonomous body under the IRDA Act, 1999 to protect the interests of policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.

IRDA Functions:


Issuing, renewing, modifying, withdrawing, suspending or cancelling
registrations

Protecting policyholder interests

Specifying qualifications, the code of conduct and training for intermediaries
and agents

Specifying the code of conduct for surveyors and loss assessors

Promoting efficiency

Promoting and regulating professional organisations connected with the
insurance and re-insurance industry

Levying fees and other charges

Inspecting and investigating insurers, intermediaries and other relevant
organisations

Regulating rates, advantages, terms and conditions which may be offered by
insurers not covered by the Tariff Advisory Committee under section 64U of
the Insurance Act, 1938 (4 of 1938)

Specifying how books should be kept

Regulating company investment of funds

Regulating a margin of solvency

Adjudicating disputes between insurers and intermediaries or insurance
intermediaries

Supervising the Tariff Advisory Committee

Specifying the percentage of premium income to finance schemes for
promoting and regulating professional organisations

Specifying the percentage of life- and general-insurance business undertaken
in the rural or social sector

Specifying the form and the manner in which books of accounts shall be
maintained, and statement of accounts shall be rendered by insurers and
other insurer intermediaries.