Insurance Regulatory And Development Authority Of India (IRDAI)
What is the Insurance Regulatory and Development Authority of India (IRDAI)?
IRDAI is the regulator of the life insurance industry in India. It has the following mission:
- To protect the interests of the policy holders.
- To regulate, promote and ensure orderly growth of the insurance industry.
What are the Duties, Powers and Functions of IRDAI?
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