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Ref. No. KLI/22-23/E-BB/492
IRDAI is the regulatory authority shaping the insurance landscape in India. It safeguards the interests of insurance policyholders, and ensures that insurance companies comply with various regulations and guidelines.
If you have a life insurance policy or want to get one soon, then you should be aware of the regulatory body of the system. To better understand the autonomous body and how they aid in promoting transparency and fairness in the system, here are some frequently asked questions about IRDA:
Insurance Regulatory and Development Authority (IRDA) is an autonomous regulatory body that protects the interests of the people having life insurance. IRDA also manages and oversees the growth and development of insurance industries in India.
IRDA was set up in the year 1999 under the IRDA Act to regulate and monitor the activities in the insurance sector for the healthy development of the industry. The autonomous body also registers newer insurance companies according to the regulations. IRDA often formulates norms and takes care of licensing the insurance intermediaries. Here are some purposes of the IRDA:
The aim of IRDA is to make sure that the interests of policyholders are secured and they do not face any problems during claim settlements. Here is how IRDA functions:
Ref. No. KLI/22-23/E-BB/2435