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IRDA stands for Insurance Regulatory and Development Authority. It is an autonomous body of the Government Of India tasked with the regulation and management of the insurance sector in India. IRDA came into force after the government of India passed the IRDA Act in the Indian Parliament in 1999.
In this article, we will discuss some of the important aspects of IRDA including:-
The formation of an insurance regulatory authority was recommended by the Malhotra Committee in the year 1999. The government acted on this recommendation with the formation of The Insurance Regulatory And Development Authority (IRDA). IRDA is tasked with the regulation of insurance and reinsurance activities, along with the promotion of fair practices and competition among insurance companies. The end objective of IRDA is to ensure what is best for the consumer prevails.
The INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA ACT came into effect in 1999, with the purpose of amending earlier acts, namely the Life Insurance Corporation Act, 1956, General Insurance Business Act, 1972, and the Insurance Act, 1938. The IRDA Act provides a framework, guidelines, rules, and instructions to insurance companies in India. It is an enforceable act passed by the Parliament Of India.
The following core functions of the IRDA are specified under the IRDA Act, 1999.
IRDA provides regulations for various branches of the insurance sector in India. They include providing regulatory instructions relating to the general insurance sector, health insurance sector, reinsurance sector. Further regulations relating to brokers, web aggregators, investment funds, expense management, corporate policy, solvency margin, among others.
The current IRDA headquarters are in Hyderabad, Telangana. Its head office building was established in 2001.
IRDA corporate structure comprises 10 members. A Chairman, 5 permanent members, and 4 temporary members. All members can be appointed for a maximum duration of 5 years. All appointments are made by the Government Of India.
The current Chairman of IRDA is Dr. Subhash C. Khuntia. Dr.Khuntia assumed the position of IRDA Chairman in May 2018. He has a distinguished service record in the civil services of India, with distinguished positions held in The Ministry of Human Resources, Ministry Of Finance, and Ministry Of Petroleum And Gas
Dr. Khuntia has a Ph.D. in Economics along with holding master’s degrees in physics and computer science.
In case you wish to raise a complaint with IRDA, you will have to contact the Grievance Redressal Cell of IRDA. Mention your complaint on the complaints registration form and send it to the Grievance Redressal Cell.
Alternatively, you can also lodge an online complaint by making use of IRDA’s Integrated Grievance Management System (IGMS)
It is imperative that you know that your agent is registered with the IRDA. If you wish to cross-verify the details of your agent, you may use the IRDA pan lookup tool for the same. Just enter the PAN Card details or Aadhar Card details of your agent in the IRDA pan lookup tool and you should be furnished with the following details:-
If the details are as per your satisfaction, you may choose to continue doing business with the agent.