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, 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