FULL FORM OF IRDA

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         IRDA stand for Insurance Regulatory and Development Authority. IRDA is the regulatory body in India which governs both Life Insurance and General Insurance companies. India is a very big country that offers great opportunities to various segments one of that is the insurance sector.

ESTABLISHMENT OF IRDA

        Insurance in India started in the year 1850 with the first General Insurance Company established in Kolkata. As time passes the insurance market becomes competetive as many insurers started emerging both in life and non life sectors. The existing companies practised their business on their own rates and rules. It made customers insecure that brought the credibility of the insurance market at stake. To secure the customers interest government realised that there should be independent regulatory which can regulate all the insurance companies. Hence government established the IRDA.

FUNCTION OF IRDA

      IRDA is an autonomous  body with the aim to regulate the fair practices in insurance market to protect the the right of customers. The followings are the functions of the IRDA.

 1.   It protect the interest of policyholders at the time of claim,issuance of the policy,and cancellation of the claim.

 2.  There is a need to control the market with single rule and regulation which brings the players together and then compete with each other. IRDA has set a code of conduct for all insurance companies,surveyors and loss assessors.

 3.   IRDA prevent from any misdeed,it calls for both annual or required based audit.

 4.   IRDA regulates the rates and term offered by the insurance companies to bring equality for the customers.

 5.  In case of any dispute between between the insurance company and policy holder then IRDA step in and provide a resolution.

    





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