IRDA What Does It Mean
 

Is the IRDA acronym for the Insurance Regulatory and Development Authority of India ? if yes tell about the duties of IRDA ?

Re: IRDA What Does It Mean
 

Yes , IRDA is the acronym for the Insurance Regulatory and Development Authority of India.

IRDA is a apex body , it manage the insurance business in India.

IRDA protects the interests of the policyholders, regulates, promotes and ensures orderly growth of the insurance in India.

Functions and Duties of IRDA

Registering and regulating insurance companies.

Promoting professional organizations in insurance

Regulating and overseeing premium rates and terms of non-life insurance covers

Protecting policyholders’ interests

Ensuring the maintenance of solvency margin by insurance companies

Licensing and establishing norms for insurance intermediaries

Specifying financial reporting norms of insurance companies

Ensuring insurance coverage in rural areas and of vulnerable sections of society

Regulating investment of policyholders’ funds by insurance companies

Contact Detail :
Insurance Regulatory and Development Authority (IRDA)
3rd Floor, Parisrama Bhavan,
Basheer Bagh,
Hyderabad - 500004,
Telangana, INDIA.
+91 40 2338 1100
+91 40 6682 333