Insurance Regulatory and Development Authority of India (IRDA) refers to an autonomous body that provides the security to the interest of the policy holders.
History
IRDA started the registration in the year 2000. It invites companies from different countries so that they can invest as much as they can. By september, 2020 IRDA registered 24 Life Insurance Companies and 31 General Insurance Companies.
Role of IRDA in Insurance Sector
IRDA set some code of conduct that needs to be followed by the surveyors It carries different activities like inspection, investigations, etc. It also tells how the books of accounts should be maintained, and many more roles
Objective
To protect the interest of the policyholder To regularly formulate regulations that insurance industry works properly To govern the the industry of insurance
Types of Insurance Policies regulated by IRDAI
There are two types of insurance policy:1. Life Insurance: It defines the plan that safeguard your life.2. Non-Life Insurance: In this all that is covered that is not provided in Life Insurance
Features
It protects the interest of the policy holder IRDA act as a regulatory body Provides training to the agents of insurance IRDA gives certificate to the new insurance companies
What is IRDA Act?
This act plays an important role in the development of the regulatory body in the insurance company. All the insurance companies in India are regulated by this act.