President Of IRDA

I am doing final year MBA from Anna University and making project report on the topic IRDA - Insurance Regulatory Development and Authority. Will you provide details who the President Of IRDA along with organization structure also tell details about the functions of this organization?

[Rajkumar Agarwal]

IRDA - Insurance Regulatory Development and Authority is the statutory, independent and apex body that governs and supervise the Insurance Industry in India.

President Of IRDA

T.S. Vijayan has been appointed chairman of the Insurance Regulatory and Development Authority (Irda) to succeed J. Hari Narayan

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)

The functions of the IRDAI:

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

Contact:

Head Office :

Insurance Regulatory and Development Authority of India
3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004
Telangana State (INDIA )

Ph: (040) 23381100
Fax: (040) 6682 3334