Explain the object and function of insurance regulatory and development authority (IRDA).?

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Functions of IRDA

The functions of IRDA includes:

1. To protect the interest of and secure fair treatment to policyholders;

2. To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy;

3. To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates;

4. To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery;

5. To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players;

6. To take action where such standards are inadequate or ineffectively enforced;

7. To bring about optimum amount of self-regulation in day-to-day working of the industry consistent with the requirements of prudential regulation.

8. To register the companies who runs the insurance business

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