The
Insurance Regulatory and Development Authority was established in the year 1999 by the Indian Government, for two significant reasons-to safeguard the interest of the policy holders and for the up gradation of the entire insurance sector right from the approach adopted by the existing insurance companies towards their shareholders to the eradication of the shortcomings of the industry. The organization was set up under the guidelines of the Insurance Regulatory and Development Authority Act, 1999.
Scope of Insurance Regulatory and Development Authority:
The Insurance Regulatory and Development Authority has been authorized to register the new insurance companies in India.
The list of new insurance companies also includes the collaborations of the renowned insurance companies overseas with the existing Indian companies. The insurance companies in India are required to approach the Insurance Regulatory and Development Authority for the purpose of renewal of the of the insurance registration. The Insurance Regulatory and Development Authority are allowed to withdraw registration of the companies and even cancel the registration of a company if required. It is also authorized to modify the registration procedure for a company.
Function of Insurance Regulatory and Development Authority:
As mentioned earlier that the Insurance Regulatory and Development Authority was established to safeguard the interests of the policyholders. The Insurance Regulatory and Development Authority ensures it through various ways such as:
- Nomination by Policyholders
- Settlement of insurance claim
- Practical training for Insurance agents and other intermediaries
- Insurable Interest
- Surrender value of Policyholders
- Code of conduct of Insurance intermediaries
- Assistance in gaining correct information about policies
- Creation of management information system
- Promotion of Self regulation within the insurance sector
Committees of Insurance Regulatory and Development Authority:
The statutory advisory committee regulates the functioning of the Insurance Regulatory and Development Authority. The organization has also setup the Insurance Law Reforms Committee that includes prominent personalities like Dr K.C. Misra, Mr. T. Viswanathan, N. Govardhan, and Mr. Liaquat Khan.
Structure of Insurance Regulatory and Development Authority:
Mr. N. Rangachari, who is assisted by Mr. C.S. Rao, heads the Insurance Regulatory and Development Authority. Mr. K. K. Srinivasa has chosen to become a non-life member of the organization. The head office of the Insurance Regulatory and Development Authority is located at -
Parisrama Bhavan,
Basheer Bagh, Hyderabad- 500004
Andhra Pradesh.
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