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IRDAI: (Insurance Regulatory and Development Authority of India)
IRDAI: (Insurance Regulatory and Development Authority of India)
IRDAI: (Insurance Regulatory and Development Authority of India)
Objective of IRDA:
The main objective of the Insurance Regulatory and Development Authority of
India is to enforce the provisions under the Insurance Act. The mission
statement of the IRDA is:
To protect the interest and fair treatment of the policyholder.
To regulate the insurance industry in fairness and ensure the financial
soundness of the industry.
To regularly frame regulations to ensure the industry operates without
any ambiguity.
Keep a check on scams and frauds by setting standards and conduct
vigilance.
Functions of IRDAI:
Grant, renew, modify, suspend, cancel or withdraw registration
certificates of the insurance company.
Protecting the interests of the policyholder in matters concerning the
grant of policies, settlement of claims, nomination by policyholders,
insurable interest, surrender value of the policy and other terms and
conditions of the policy.
Specify code of conduct, qualifications and training for intermediary or
insurance agents.
IRDAI monitor that no insurance company can deny the claim on their
free will unless it falls beyond the scope of the cover. Thus, protecting the
interest of policy holders at the time of issuance of the policy claims and
cancellation of the policy.
IRDAI clearly state that the code of conduct for all insurance companies,
loss accessors and surveyors. thus, all players come together to work on a
single tune and compete with other in fair manner.
IRDAI provides a resolution in case of any dispute emerged between the
insurer and the policy holder.
Controls and regulates the rates of insurance to prevent unwanted price
hikes in the insurance premium.