Insurance regulatory and Development Authority Role and Function

Hello sir I want to know about Role and Function of Insurance regulatory and Development Authority so here can you please give me its details ?

[Kiran Chandar]

Hey as The Insurance Regulatory and Development Authority was established
in the year 1999 by the Indian Government, for two significant reasons-to
safeguard the interest of the policy holders

Functions of Insurance regulatory and Development Authority

Code of conduct of Insurance intermediaries

Assistance in gaining correct information about policies

Creation of management information system

Promotion of Self regulation within the insurance sector

Nomination by Policyholders

Settlement of insurance claim

Practical training for Insurance agents and other intermediaries

Insurable Interest

Surrender value of Policyholders

Role of Insurance regulatory and Development Authority

Promoting proficiency in the conduct of insurance business;

Promoting and regulating professional organizations connected with the
insurance and re-insurance business;

Calling for information from, undertaking inspection of, conducting inquiries
including audit of the insurers, intermediaries, insurance intermediaries and
other

To protect the interest of the policy holders related to surrender value of
policy, settlement of insurance claims, insurable interest, nomination by
policy holders, other terms & conditions of insurance contract.

In case of General Insurance, who assess the loss of policy holder should be
stated the code of conduct.