IRDA

Commonly known as IRDA,is a national agency of the Government of India, It has its Head Quarter at Hyderabad .

It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA As stated in the act mission of IRDA is 1.)to protect the interests of the policyholders, 2.) to regulate, promote and ensure orderly growth of the insurance industry Composition of Authority As per the section 4 of IRDA Act' 1999 The Authority is a ten member team consisting of (a) a Chairman; Hari Narayana is the current Chairman of IRDA. (b) five whole-time members; (c) four part-time members, (all appointed by the Government of India) The Authority has notified 27 Regulations on various issues which include Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-insurance, Obligation of Insurers to Rural and Social sector, Investment and Accounting Procedure, And Protection of policy holders' interest Another point worth mentionin is dat In 2010, the Government of India ruled that the Unit Linked Insurance Plans (ULIPs) will be governed by IRDA, and not the market regulator Securities and Exchange Board of India. expectations The law of India has following expectations from IRDA... 1. To protect the interest of and secure fair treatment to policyholders.

3. monitor and enforce high standards of integrity. and to provide long term funds for accelerating growth of the economy. To ensure that insurance customers receive precise. 7. To ensure speedy settlement of genuine claims. 4. fair dealing and competence of those it regulates. for the benefit of the common man. to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery. To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments). To promote fairness. To set. 5. 6. clear and correct information about products and services and make them aware of their responsibilities and duties in this regard. transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players. 8. To bring about optimum amount of self-regulation in day to day working of the industry consistent with the requirements of prudential regulation . To take action where such standards are inadequate or ineffectively enforced.2. financial soundness. promote.

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