Quick Answer: What Are The Features Of IRDA?

What is IRDA explain?

Insurance Regulatory Development Authority of India (IRDAI) is a regulatory body created with the aim of protecting your interests.

It also regulates and sees to the development of the insurance industry, while monitoring insurance-related activities.

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Which is not a function of IRDA?

Which of the following does not form part of the regular function of I.R.D.A.? Ensuring smooth running of the insurance sector. Granting of licenses to insurance companies agents intermediaries and Loss adjusters Surveyors. Monitoring the solvency position of the insurance companies.

Who is the head of IRDA?

Subhash Chandra KhuntiaInsurance Regulatory and Development Authority/Chairpersons

How many members are there in IRDA?

tenIt is a ten-member body consisting of a chairman, five full-time and four part-time members appointed by the government of India. At present ( 1 Sept, 2018 ), the authority is chaired by Dr.

What is the full from of IRDA?

What is Insurance Regulatory and Development Authority (IRDA)? IRDA is the regulatory body in India that governs both Life insurance and General insurance companies.

Is LIC regulated by IRDA?

The regulatory oversight of LIC is quite comprehensive to the extent that it requires monitoring both prudential and market conduct operations of LIC, Irda said. …

What are the main functions of IRDA?

Functions of IRDATo protect the interest of and secure fair treatment to policyholders;To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy;More items…•

What is the use of IRDA?

IRDA Stands for the Insurance Regulatory and Development Authority of India. IRDA is the body that governs the functioning of various General Insurance and Life insurance companies of the nation. Candidates who wish to work in the insurance sector can check out various Insurance exams in the linked article.

When did insurance start in India?

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

What is IRDA Licence?

An individual agent is one who has undergone requisite training, passed an examination and been duly licensed by IRDA to sell insurance polices to the public and provide after-sales service including assisting at the time of a claim. His licence may be for life insurance, general insurance or both.

What is IRDA and its functions?

Insurance Regulatory and Development Authority (IRDA) Act, 1999 spells out the Mission of IRDAI as: “… to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto……”