ROLE AND EFFECT OF INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

ROLE AND EFFECT OF INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

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  INSURANCE LAW ROLE ANDEFFECT OF INSURACE REGULATORY AND DEVELOPMEMNT AUTHORITY
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  INTRODUCTION  IRDA isa Statutory, autonomous and apex body to regulate the insurance sector in India  It was created upon the recommendations by the Malhotra Committee report of 1994  By the IRDA Act, 1999 this authority was setup.  To protect the interest of the policyholder  To ensure fair treatment to policyholder  To facilitate speedy and orderly growth of the insurance industry sector in Indian economy
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  STRUCTURE  The InsuranceRegulatory and Development Authority (IRDA) is a ten member team, appointed by the Government of India, consisting of the following:  One Chairman  Five whole-time members  Four part-time members
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  ROLE OF IRDA It protect the interest of the policyholder  It ensure fair treatment to policyholder  It facilitate speedy and orderly growth of the insurance industry sector in Indian economy  It provide dispute resolution mechanism
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  EFFECT OF IRDA On regulation of sector  Over protection of policy holder  Over awareness about insurance  Over insurance market  On competition between pvt. and public sector  Tax saving  Over banks and post offices
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  Conclusion  IRDA provedto be effective authority  Plays major role in development of industrial sector  Provides the norms and regulation
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