What is the full form of IRDA?
1) The full form of IRDA is Insurance Regulatory and Development Authority of India. It is an entity owned by the India Government; it controls India’s insurance industry. IRDA headquarter is located in Hyderabad since 2001. It has been moved from Delhi to here. The Indian Government created it to lead the passage of the Insurance Regulatory and Development Authority Act, 1999.
Functions of IRDA
The key functions of IRDA are listed below.
- IRDA is accountable for the policymaking and supervision of all Indian insurance firms.
- It ensures the privacy of policyholders about claim resolution, policy surrender value, and so on.
- It lays down the credentials, code of ethics and skill required for insurance intermediaries & agents.
- The code of conduct for surveyors & loss assessors is mentioned.
- The operation of the Tariff Advisory Committee is overseen by it.
- It controls investment by insurance firms in funds.
- The percentage of life insurance and general insurance activities in the rural or social sector are specified.
- Adjudicates the conflicts among insurers and intermediaries of insurance.
- Prevents insurance policies from fraud and misspelling.
- Guarantees speedy claims settlement.
2) Another full form of IrDA is Infrared Data Association. IrDA is a group of manufacturers of devices. It was founded by around 50 firms in 1993 to establish standards for the transmission of infrared details. For data transmission, devices that adhere to IrDA standards are compatible with each other.
Applications of IRDA
- Its key goal is to develop rules for data transmission via infrared waves of light.
- Instead of using a cable or other linking means, infrared light is being used to transfer information from one device to another.
- All you need to do is customize such devices with IrDA slots.
- Due to the advancement of Bluetooth, the technology is out of use anyway.
Comments