Insurance Regulatory and Development Authority of India (IRDA)

Insurance Regulatory and Development Authority of India (IRDA)

Established in 1999 on the recommendation of the Malhotra Committee report

Headquaters:-Hyderabad, Telangana

Became a statutory body in April, 2000

Functions

1. Authority to protect the interests of holders of insurance policies

2. To regulate, promote and ensure orderly growth of the insurance industry

3. IRDA's role is to protect the rights of policy holders

4. Provide registration certification to life insurance companies and is responsible for renewal, modification, cancellation & suspension of this registered certificate

4. Promote competition in the insurance market

5. Issue licences for companies to act as a insurance repository system.

Chairman:- T.S. Vijayn