What is the full form of IRDA?

The Full Form of IRDA is an Insurance Regulatory and Development Authority

Insurance Regulatory and Development Authority is known by the initials IRDA. It is a department of the Indian government. It oversees India’s insurance industry. Currently (as of March 2017), Mr. T.S. Vijayan serves as the IRDA chairman. 

Headquarter

Since 2001, the IRDA has had its main office in Hyderabad, Andhra Pradesh (now in Telangana). It was transported from Delhi to there. The Government of India created it after enacting the Insurance Regulatory and Development Authority Act, 1999. 

Usage

  • All insurance company policies in India must be developed and maintained by IRDA.
  • It safeguards policyholders’ interests with regard to claim settlement, policy surrender value, etc.
  • It outlines the necessary credentials, code of behavior, and training for insurance agents and intermediaries.
  • It outlines the rules of behavior for loss assessors and surveyors.
  • It oversees how the Tariff Advisory Committee operates.
  • It controls how insurance firms can invest their money.
  • The amount of life insurance and general insurance business that is conducted in the rural or social sector is specified.
  • resolves disagreements between insurance intermediaries and insurers.
  • prevents insurance product fraud and misspelling.
  • ensures prompt claim payout. 

FAQ

What is the role of IRDA?

The apex body that oversees and controls the insurance industry in India is called IRDA, or the Insurance Regulatory and Development Authority of India. The main goals of the IRDA are to protect policyholder interests and promote the expansion of insurance in the nation. 

Who is the CEO of IRDA?

Following his selection as head of the Insurance Regulatory Development of India (Irdai) last week, Debasish Panda assumed leadership of the organization on Monday.For a period of three years, Panda will serve as Irdai’s chairman. 

Why is IRDA established?

1. To “defend the interests of holders of Insurance policies, to regulate, develop and assure orderly expansion of the Insurance industry,” including Insurance and Reinsurance business, as stated in the preamble to the IRDA Act. 

How can I take the IRDA exam?

Candidates must finish 75 hours of training in order to become a Composite (Life & General) Insurance Agent. Candidates must provide accurate information on the IRDA exam application. They must then pay the exam registration fee after that.


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