Role of Insurance Regulatory and Development Authority in Monitoring Insurance Sector in India

Insurance Regulatory and development Authority is an autonomous and statutory authority established by the Government of India, which has been provided whole authorities of the Controller of Insurance in order to regulate, control and direct the different activities of the Insurance sectors India. It was constituted by a parliament of India act called Insurance Regulatory and development Authority Act, 1999 and duly passed by government of India. The agency operates it’s headquarter at Hyderabad, Andhra Pradesh where it shifted from Delhi in 2001. IRDA is engaged is bringing reforms in the different parts of the Insurance sector in India by way of regular monitoring, directing and controlling over different activities of the Insurance sector at the different places across the country, which can be directly observed by comparing in the previous scenario of the Indian Insurance sector to the present scenario. IRDA issue the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration and Protect the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance. Further, it regulates investment of funds by insurance companies, regulating maintenance of margin of solvency, adjudication of disputes between insurers and intermediaries or insurance intermediaries.