Insurance Regulatory and Development Authority of India
IRDAI is an autonomous body aimed with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the IRDAI Act 1999 and having headquarter in Hyderabad, Telangana.
Mission of IRDAI
“To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.”
IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India.
- Life Insurers
- General Insurers
- Health Insurers
Functions of IRDAI
- Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations.
- Protecting policyholder interests
- Specifying qualifications, the code of conduct and training for intermediaries and agents
- Specifying the code of conduct for surveyors and loss assessors
- Promoting efficiency in the conduct of insurance businesses
- Promoting and regulating professional organisations connected with the insurance and re-insurance industry
- Levying fees and other charges
- Inspecting and investigating insurers, intermediaries and other relevant organisations