Insurance Regulatory And Development Authority Objectives

Hii sir, I Wants to get the Information About the Roles and Objectives of the Insurance Regulatory And Development Authority ?

[pawan]

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

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.

Functions And Duties of IRDA:
Section 14 of IRDA Act,1999 lays down the duties 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 policyholders funds by insurance companies.
It also ensures the maintenance of solvency margin (companys ability to pay out claims) by insurance companies.

control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);

specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries;

Regulating investment of funds by insurance companies;
Regulating maintenance of margin of solvency;
Adjudication of disputes between insurers and intermediaries or insurance intermediaries;
Supervising the functioning of the Tariff Advisory Committee;
Specifying the percentage of premium income of the insurer to finance schemes for