The IRDA (Insurance Regulatory and Development Authority) is the national regulatory body for Insurance industry (both Life and Non-Life Insurance Companies) under the auspices of Government of India, situated at Hyderabad. IRDA was established by an act enacted in Indian Parliament known as IRDA Act 1999 and was amended in 2002 to incorporate some emerging requirements as well as to overcome some deficiencies in the entire process. The mission of IRDA as stated in the act is as follows:-
a) To protect the interests of the policyholders
b) To promote, regulate and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto
c) Conduction of insurance bussinesses across India in an ethical manner.
Full force and maximum utility of various institutions like Advisory Committee and self-regulatory organizations are not yet realized in India as the regulator seems to be in a long-learning mode. Due to over delegations, it is the individual incumbents that decide the pace and extent of utilization of prudential and statutory bodies.
Research on insurance sector is limited to opinion being sought through legacy channels. The Indian market mulls and patiently awaits the revision of insurance act alongwith establishment meaningfully functioning regulatory bodies that are devoid of excess delegation and subjective localization of development agencies. Unlike other Indian administrative Regulatory Bodies which are highly proactive, IRDA is perceived as a silent regulator with activities confined to its local existence.
Read more: Insurance Concepts and IRDA [Insurance Regulatory and Development Authority] - Insurance Regulatory Body – IRDA http://www.medindia.net/patients/insurance/insurance-concepts-and-irda-insurance-regulatory-body.htm#ixzz1FMPgdCGZ
The composition of IRDA (Insurance Regulatory and Development Authority), under section 4 of IRDA Act, 1999, signifies Authority.