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Insurance Regulatory & Development Authority, also called IRDA, is the supreme authority that authorizes the functioning of insurance business in India. It was established by the IRDA Act, 1999. The primary purpose of IRDA is to safeguard the interests of the policyholders and also to ensure the growth of insurance in the country. Various roles and functions of IRDA have been discussed in this article.
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IRDA aims to:
IRDA being an autonomous apex statutory body, regulates and develops the insurance sector in India. Insurance in India dates back to 1850 with the General Insurance Organization built up in Calcutta. Since then, there emerged various players in this market. Each organization rehearsed business on its own rates and rules. It made clients’ unreliable, which brought into question the validity of the insurance. With time the administration understood this reality and subsequently set up an autonomous administrative body called IRDA. After that, new requests came out, and the market was overflowed with insurance products.
According to Section 14 of the IRDA Act 1999, the authority must ensure the regulation, development and the promotion of the insurance business. Some of the essential functions of IRDA are as follows:
These are some of the critical roles that IRDA oversees. With the Indian economy attracting insurance players, we may see a passage of new insurance players in the market. Here the IRDA will have a special role to play. In order to keep the pace of development, the functions of IRDA should be performed accurately enough to provide every player with a fair deal and also to make sure that the customers also have a variety of plans to choose from.
Read our article:FDI Requirements in Insurance Pre and Post 2020-21 Budget
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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