IRDA Full Form

What is the Full Form of IRDA?

IRDA, or the Insurance Regulatory and Development Authority of India, is the supreme agency in charge of policing and regulating the country's insurance market. Protecting policyholder interests and ensuring the expansion of insurance coverage in the nation are the main goals of IRDA. It was established following the Act of the Indian Constitution, known as the Insurance Regulatory and Development Authority Act ,1999. The Insurance Regulatory and Development Authority (IRDA) oversees both general insurance agencies that operate inside the nation as well as the life insurance sector. The headquarter of IRDA has been located in Hyderabad since the year 2001.

This Story also Contains

1. What is the Full Form of IRDA?
2. Duties of IRDA
3. Structure of IRDA

Duties of IRDA

The responsibilities, Authority, and functions of IRDA are outlined in Section 14 of the IRDA Act, 1999. IRDA is responsible for the following:

• Insurance company registration and regulation.

• Protecting the interests of policyholders.

• Granting insurance intermediaries licenses and establishing standards.

• Promoting insurance-related professional organizations.

• Regulating and monitoring non-life insurance premiums and terms.

• Defining the requirements for insurance businesses' financial reporting.

• Regulating insurance companies' use of policyholder money in investments.

• Ensuring insurance coverage for vulnerable groups in society and rural locations

Structure of IRDA

The Authority's makeup is specified in Section 4 of the IRDA Act of 1999. The Authority is a group of 10 people, including

• A Chairman

• Five permanent participants

• Four part-time participants

Regional offices for IRDA are located in New Delhi and Mumbai. The regional office in New Delhi prioritizes raising consumer awareness and managing insurance complaints in addition to providing the necessary assistance for inspecting insurance companies. The division is also in charge of issuing surveyor licenses. The Mumbai regional division operates similarly, although it serves the Western region.