IRDA: Insurance Regulatory and Development Authority
IRDA Full Form
IRDA Full Form: The full form IRDA is the Insurance Regulatory and Development Agency. IRDA is an independent official government run by the Government of India that is responsible for regulating and promoting the insurance and reinsurance industry in India.
It consists of the Insurance Management and Development Act 1999, which is an Act of Parliament passed by the Government of India. Since 2001, the IRDA has been headquartered in Hyderabad (now Telangana). Drive there from Delhi. IRDAI is a 10-member organization with a president appointed by the Government of India, five permanent members, and four concurrent members.IRDA Full Form
The IRDAI’s responsibilities are set out in Section 14 of the IRDA Act 1999, namely to issue, renew, modify, revoke, suspend or deregister, and defend the interests of insurance arbitrators. Required qualifications, code of conduct, and training instructions.
The agent should oversee the work of the Electricity Price Advisory Committee. Regulating capital investment of insurance companies, resolving disputes between insurance companies and insurance brokers, preventing fraud and misinterpretation of insurance products, ensuring prompt resolution of claims, conducting insurance business, increasing efficiency, strengthening, and managing professional organizations related to insurance. And production reinsurance, fees, and other compensation.
Read Also: SEBI Full Form