The insurance business is deep rooted in India. It was started in 1818 with establishment of Oriental Insurance Company in Calcutta. To promote transparency, regulation and orderly conduct of insurance business in the country, the Insurance Regulatory and Development Authority of India (IRDAI was established as statutory body in year 2000 under the IRDAI Act’ 1999. It came into existence after the recommendation of Malhotra Committee report. The functions of IRDA include regulation, development and research related to insurance industry.
The board of IRDAI consists of ten members, all of which are appointed by Government of India:
The functions of IRDA includes:
The insurance ombudsman was created by Government of India in 1998 with the purpose of quick disposal of the grievances of the insured customers and to mitigate their problems involved in redressal of those grievances.
Download this article as PDF
We hope you liked this article on functions of IRDA. Here are some useful articles for you to read next:
Click to go to RBI Grade B Preparation Page
Tags: irda, irda full form, irda functions, irda act, insurance regulatory authority, insurance regulatory and development authority, irda chairman, what is irda, irda meaning, irda headquarters, irda head office, irda act 1999, insurance regulatory and development authority act 1999, the role and the functions of the insurance ombudsman, irda india, role of irda, the role and functions of the insurance ombudsman, insurance regulatory and development authority of india, functions of insurance ombudsman, functions of irda
Punjab Civil Services 2021