Insurance Regulatory And Development Authority Of India (IRDAI)

IRDAI is the regulator of the life insurance industry in India. It has the following mission:

Section 14 of the IRDAI Act, 1999 lays down the duties, powers and functions of IRDAI which are:

Issuance of certificate of registration, renewal, modification, withdraw, suspend or cancel such registration;
Protection of the policyholders interest
Laying down qualifications, training and code of conduct for intermediaries
Laying down code of conduct for Surveyors
Promote efficiency in the conduct of insurance business
Promoting and regulating professional organisations connected with the insurance and reinsurance business
Levying fees and other charges for carrying out the purposes of this Act
Calling for information, conduct of inspection, audit of all organizations associated with the insurance business
Control of the rates, terms etc. offered by general insurers in respect of business not controlled by Tariff Advisory Committee (TAC)
Specifying the manner in which accounts should be maintained by insurers and intermediaries
Regulation of investment of funds by insurers
Regulation of maintenance of solvency margins
Act as a dispute settlement authority between insurers and intermediaries
Supervise Tariff Advisory Committee (TAC)
Specify the percentage of premium income to be utilised for promoting organizations mentioned in clause 6
Specify the rural sector obligation of insurers
Exercise any other powers as prescribed