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22nd June 2016, 08:21 AM
Super Moderator
Join Date: Aug 2012
Re: IRDA Its Functions

I will tell you the function performed by Insurance Regulatory and Development Authority so that you can have idea about it.

Function 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 policyholder's funds by insurance companies.

It also ensures the maintenance of solvency margin (company's ability to pay out claims) by insurance companies.

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.

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

(040) 23381100

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