Insurance Regulatory and Development Authority of India – भारतीय बीमा विनियामक और विकास प्राधिकरण
The Insurance Regulatory and Development Authority is a statutory, autonomous body in India that is accountable for promoting and regulating the insurance as well as reinsurance industries of the country. The Insurance Regulatory and Development Authority Act or IRDA Act of 1999 constituted the IRDA.
Functions of the IRDA
The Insurance Regulatory and Development Authority has several significant features, namely,
- Issuing, modifying, renewing, withdrawing, canceling and suspending registrations
- Defining the code of conduct for loss assessors and surveyors
- Stating how they need to keep the books
- Promoting efficiency
- Levying charges
- Protecting the interests of policyholders
- Specifying qualifications for agents and intermediaries
- Regulating advantages, rates, conditions and terms of the insurers
- Regulating and encouraging professional organizations which have a connection with the reinsurance and insurance industry
Visit the IRDA online website to know in detail about its functions.
Pension policies of IRDA
Pension policies provide economic security to people after retirement. With the aim of safeguarding the policyholders’ interests, IRDAI issues guidelines to the industry of life insurance. According to its instructions, pension products offer assured benefits in case of
The IRDA portal keeps you informed about all the latest schemes of the Insurance Regulatory and Development Authority.
IRD Authority also has a grievance management cell that allows policyholders to register online and register their grievances or complaints. People know it as IGMS or Integrated Grievance Management System. If a policyholder wants to complain, he needs to give accurate information like policy number, insurer’s name, contact details of the complainant, etc. After registration of complaints, they can check their complaint status using the registered credentials.
The Insurance Regulatory and Development Authority of India has an insurance repository database that helps policyholders to purchase and maintain their insurance policies as e-policies instead of keeping them on paper.
IRDA Website: https://www.irdai.gov.in
Phone Number: 040-20204000
Email Id: firstname.lastname@example.org
IRDA of India,
Sy No: 115/1, Financial District,
Hyderabad – 500032,