INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI)
Insurance Regulatory and Development Authority of India (IRDAI) is the controlling and regulatory apex body in the country for the insurance sector and its chairman and members are appointed by the government. IRDA’s headquarters is located in Hyderabad, India.
MISSION OF IRDAI
- To protect the interests of the policyholders
- To promote, regulate and ensure orderly growth of the insurance industry and for matters of insurance.
- Conduction of insurance business across India in an ethical manner.
FUNCTIONS OF IRDAI
- Registration and licensing including renewal of registration of insurance companies.
- Licensing of insurance intermediaries such as agents, surveyors and loss assessors, third-party administrators, brokers, etc.
- Official approval of agents training institutions
- Monitoring all non-traffic products including pricing of products, terms, and conditions, thereof, etc.
- Supervision of the functioning of insurance companies
- Review of annual statements of finance companies
- Formulation of regulations
- Consumer education and assistance, etc
IRDAI REGULATORY FRAMEWORK
- Insurance Companies
- Insurance Associations
- Insurance Brokers
- Insurance Advisory Committee
- Insurance ombudsman
- Traffic advisory committee
- Loss Assessors
- Third party administrators.