IRDA stands for Insurance Regulatory and Development Authority. It is an agency run by Government of India. It regulates insurance industry in India. The current chairman (as of March, 2017) of IRDA is Mr. T.S. Vijayan.
IRDA is headquartered in Hyderabad, Andhra Pradesh (Now in Telangana) since 2001. It was shifted there from Delhi. It was established after passing the Insurance Regulatory and Development Authority Act, 1999, by the Government of India.
- IRDA is responsible for making and monitoring the policies of all the insurance companies in India.
- It protects the interests of the policy holders related to settlement of claim, surrender value of policy etc.
- It specifies requisite qualifications, code of conduct and training for insurance intermediaries and agents.
- It specifies code of conduct for surveyors and loss assessors.
- It supervises the functioning of the Tariff Advisory Committee.
- It regulates investment of funds by insurance companies.
- It specifies the percentage of life insurance and general insurance business in the rural or social sector.
- Adjudicates the disputes between insurers and insurance intermediaries.
- Prevents frauds and misspelling of insurance products.
- Ensures speedy settlement of claims.
It is recently announced and set by Finance Minister of India. It provides a facility to help policy holders to buy and keep insurance policies in electronic form rather than in paper form. Insurance repository will hold the electronic records of insurance policy holders.