General Knowledge

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDAI)

Insurance  regulatory  and  development  authority  (irdai) is an autonomous apex statutory body which regulates and develops the insurance industry in india.It  was  instituted by a parliment  of india act called IRDAI act  1999  and  duly  passes by  the govt of india.

HQ : HYDERABAD,TELANGANA  where it moved from Delhi in 2001.

IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India.

The functions of the IRDAI are defined in Section 14 of the IRDAI Act, 1999,[2] and include:

  • Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations
  • Protecting policyholder interests
  • Specifying qualifications, the code of conduct and training for intermediaries and agents
  • Specifying the code of conduct for surveyors and loss assessors
  • Promoting efficiency
  • Promoting and regulating professional organisations connected with the insurance and re-insurance industry
  • Levying fees and other charges
  • Inspecting and investigating insurers, intermediaries and other relevant organisations
  • Regulating rates, advantages, terms and conditions which may be offered by insurers not covered by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938)
  • Specifying how books should be kept
  • Regulating company investment of funds