IRDA-Duties

The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body that oversees and regulates the insurance industry in India. Its duties are extensive and crucial for maintaining a healthy and stable insurance sector. Here's a breakdown of its key duties:  

Core Objectives:

Protecting the interests of policyholders: This is a primary focus, ensuring fair treatment and safeguarding their rights. Regulating, promoting, and ensuring the orderly growth of the insurance industry: IRDAI aims to foster a robust and well-functioning insurance market. Key Duties and Functions:

Registration and regulation of insurance companies: IRDAI grants licenses to insurance companies and monitors their operations. Protection of policyholders' interests: This includes handling grievances, ensuring fair claim settlements, and regulating policy terms. Licensing and establishing norms for insurance intermediaries: This involves regulating agents, brokers, and other intermediaries. Promoting professional organizations in insurance: IRDAI encourages the development of professional standards within the industry. Regulation of premium rates and terms of non-life insurance covers: This helps ensure fair pricing. Specifying financial reporting norms of insurance companies: This promotes transparency and accountability. Regulating investment of policyholders' funds by insurance companies: This safeguards policyholders' investments. Ensuring the maintenance of solvency margin by insurance companies: This ensures that insurers have sufficient funds to meet their obligations. Ensuring insurance coverage in rural areas and of vulnerable sections of society: IRDAI works to expand insurance access to underserved populations. In essence, IRDAI's duties are geared towards:

Maintaining the stability and integrity of the insurance market. Protecting the rights and interests of policyholders. Promoting the growth and development of the insurance industry.