Insurance Regulatory and Development Authority of India (IRDAI) is an apex regulatory body involved in regulating and developing the insurance and reinsurance industry in India. It was constituted as a statutory body as per the provisions of Insurance Regulatory and Development Authority Act 1999. The body was created on the recommendations of the Malhotra Committee Report. All the companies wanting to run the insurance business in India are to be registered with the IRDAI.
IRDAI is headquartered in Hyderabad, Telangana.
The authority is a ten member body consisting of
- A chairman
- Five whole time members
- Four part time members
All the members to the Insurance Regulatory and Development Authority of India are appointed by the Government of India.
Functions of IRDAI:
- IRDAI is responsible for the registration, renewal, modification, withdrawal, suspension or cancellation of such registration to the applicants wanting to start Insurance business in India.
- Protection of the interests of the policy holders
- Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee
- Regulating and maintenance of margin of solvency
- Specifying qualifications, the code of conduct and training for intermediaries and agents
- Specifying the code of conduct for surveyors and loss assessors
- Adjudication of disputes between insurers and intermediaries or insurance intermediaries
- Supervising the functioning of the Tariff Advisory Committee
- Calling for information from, undertaking inspection of, conducting inquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business
- Promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums
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