IRDA: Insurance Regulatory and Development Authority
The full form of IRDA is Indian Regulatory and Development Authority which regulates the insurance industry in India.
This agency is run by the government of India whose current chairman is Subhash Chandra Khuntia (As of August 2019).
The headquarter of IRDA is in Hyderabad, Telangana since 2001. The IRDA is an autonomous body which was regulated under the Insurance Regulatory and Development Authority Act 1999.
It is a 10 member body including 5 full-time members, 4 part-time members and one chairman appointed by the government of India.
- IRDA is responsible for making and monitoring the policies of all the insurance companies in India.
- It specifies requisite qualifications, code of conduct and training for insurance intermediaries and agents.
- It supervises the functioning of the Tariff Advisory Committee.
- It regulates the investment of funds by insurance companies.
- It specifies the percentage of life insurance and general insurance business in the rural or social sector.
- It specifies a code of conduct for surveyors and loss assessors.
- Prevents frauds and misspelling of insurance products.
- Ensures speedy settlement of claims.
- It protects the interests of the policyholders related to the settlement of claim, surrender value of policy etc.
- Adjudicates the disputes between insurers and insurance intermediaries.
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