Insurance Regulatory and Development Authority

​Established          : 2000
​Govt Body Type  : Statutory

​The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. To protect the interest of and secure fair treatment to policyholders. It was constituted by the Insurance Regulatory and Development Authority Act, 1999,an Act of Parliament passed by the Government of India.

Composition of Authority
As per IRDAI Act' 1999, specify the composition of Authority. All appointed by the Government of India
The Authority is a ten member team consisting of 
    (a)    a Chairman; 
    (b)    five whole-time members; 
    (c)    four part-time members, 

Mission

• To protect the interest of policyholders.

• To bring about speedy growth of the insurance industry for the benefit of the common man.
• To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery.

Duties, Powers and Functions
Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.

• protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, settlement of insurance claim etc.
• specifying qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents.
• promoting and regulating professional organisation connected with the insurance. 
• regulating investment of funds by insurance companies.
• adjudication of disputes between insurers and intermediaries or insurance intermediaries.