Insurance Regulatory And Development Authority

Insurance Regulatory And Development Authority (IRDA) was established in 2000 as an

independent authority to develop he insurance industry it is an Act of Parliament (IRDA
Act,1999)

IDRA Act Stated that this Act is to promote the insurance industry in India to protect the
interest of the Insurance holders and ensure orderly growth of the insurance industry and the
parties connected with it

IRDA has prescribed regulation to protect the interest of policy holders stipulated obligation
on both the insurance as well as intermediaries

These regulations says about the insurer’s Obligation at the point of sale towards the policy
servicing, for claims, the financial strengths to meet the commitment to policy holders

The person for the whom the insurance is taken is the Insurer and the company who provide
the insurance is Insurer

This Act is introduced by government to protect the insurer and the insuree to protect against
the malpractice by both the parties

The duties of authority is to promote and safeguard orderly growth of the insurance industry
and Reinsurance

To make sure that the activities by the parties involved are under the code of conduct

The IRDA ensure that the disputes between both the parties are settled

Role of IRDA
It promotes Efficiency in the conduct of the insurance business

The IRDA has set up the grievance Redresal cell to take up the complaints of the
policyholder.

It ensures there should be enough funds for for the maintainance of the Claims

It also regulates there should be enough funds by the insurance companies

It resolves disputes and maintains and to provide the speedy claim settlements