IRDA 1)stands for insurance regulatory and development authority 2) was created on the recommendations of Malhotra committee report. It started in 2000 and is a statutory body (i.e. made through an act of parliament) 3) Its functions are:- a) to run insurance bussiness, a company has to register itself with IRDA, b)IRDA regulates the insurance industry and protects the customers, c) IRDA has the power to frame regulations regarding insurance market, d)promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, 4)IRDA has a 10 member team consisting of 1 chairman, 5 whole- time members, 4 part-time members. All of them are appointed by Goverment of India. 5) Its headquarter is situated at Hyderabad and its chairman is T.S. Vijayan.
Posted on: Fri, 02 Jan 2015 15:53:34 +0000
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