Insurance Regulatory and Development Authority (IRDA)

The Insurance Regulatory and Development Authority (IRDA) is a regulatory body of India in the field of Insurance and is primarily responsible for regulation of insurance as well as reinsurance business to/from/within India. The IRDA was constituted by an Act of Parliament namely “IRDA Act 1999”.

Some of the powers & functions of IRDA include :

• Regulate, promote and ensure orderly growth of insurance and reinsurance business.
• Regulate the Code of Conduct of all the Professionals involved in the development of insurance business and in the settlement of claims.
• Protect the interest and rights of Policyholders in all ways.
• Control and regulate the rates, advantages, terms & conditions etc. offered by the insurance companies.
• Regulate the method of maintaining the Financial books of accounts and report submission by the Insurance companies and the Insurance Professionals.
• Regulate fund investment by the insurance companies.

Please visit the official IRDA website @ http://www.irda.gov.in for finer details.