The Insurance Regulatory and Development Authority (IRDA) was established in 1999 through an act of Parliament to regulate and promote the insurance industry in India. The IRDA aims to protect policyholders' interests, ensure the orderly growth of the insurance sector, and administer the provisions of the Insurance Act. It issues licenses, monitors compliance, protects customers, and settles disputes. The IRDA is composed of 10 members, including a chairman and five full-time members, all appointed by the Government of India.

1. INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY (IRDA)
Presented By:
Pooja Desai
Shabaz khan
Manish Monahan
Kiran Mankumbre
Utkarsh Naik

2. INTRODUCTION
The passage of the insurance regulatory and
development authority act in 1999 can be seen as a
dividing line for insurance business in INDIA. It was an
outcome of the implementation of the recommendations
of a high-powered committee, which suggested the
setting up of a statutory body called INSURANCE
REGULATORY AUTHORITY in 1996.This body was
later renamed as as insurance regulatory and
development authority with the passage of IRDA ACT
BY THE PARLIAMENT.

3. MISSION STATEMENT
"TO PROTECT THE INTERESTS OF THE
POLICYHOLDERS, TO REGULATE, PROMOTE AND
ENSURE ORDERLY GROWTH OF THE INSURANCE
INDUSTRY AND FOR MATTERS CONNECTED
THEREWITH OR INCIDENTAL THERETO. "

4. MAJOR OBJECTIVES OF THE IRDA act
To promote orderly growth of insurance industry in the
country, including registration of the insurance companies
To administer the provisions of the insurance act
To protect interests of policy holders and investors
To device control activities needed for smooth functioning
of the insurance companies including investment of funds
and the solvency requirements to be maintained by
insurance companies
To lay down the accounting methodology to be adopted
To adjudicate on disputes

5. FUNCTIONS OF IRDA
 As defined by the IRDA act,1999,IRDA performs the following
broad functions:
 Ensure orderly growth of the insurance industry
 Protect interest of policy holder
 Issue consumer protection guidelines to insurance companies
 Grant modify, and suspend license for insurance companies
 Lay down procedures for accounting polices to be adopted by the
insurance companies
 Inspect and audit of insurance companies and other related
agencies
 Re-insurance limit monitoring

6. FUNCTION CONTINUES
Vetting of accounting standards, transparency requirements
in reporting
 Ensure the health of the industry by preventing sickness
through appropriate action
 Publish information about the industry
 Prescribe qualification and training needs of agents
 Monitor the charges for various services by insurance
company
 Monitor investment

7. DUTIES AND RESPONSIBILITIES OF
IRDA SECTION 14 OF IRDA ACT, 1999
 issue to the applicant a certificate of registration, renew,
modify, withdraw, suspend or cancel such registration
 protection of the interests of the policy holders in matters
concerning assigning of policy, nomination by policy
holders, insurable interest, settlement of insurance claim,
surrender value of policy and other terms and conditions of
contracts of insurance
 specifying requisite qualifications, code of conduct and
practical training for intermediary or insurance
intermediaries and agents

8. DUTIES o
AND RESPONSIBLITIES OF
IRDA
 specifying the code of conduct for surveyors and loss
assessors;
 promoting efficiency in the conduct of insurance business;
 promoting and regulating professional organizations
connected with the insurance and re-insurance business;
 levying fees and other charges for carrying out the purposes
of this Act;
 calling for information from, undertaking inspection of,
conducting enquiries and investigations including audit of
the insurers, intermediaries, insurance intermediaries and
other organizations connected with the insurance business;

9. STIPULATIONS AS REGARDS
SETTLEMENT OF CLAIM
IRDA regulations has laid down the following stipulations
as regards of settlement of claim:
 All the requirements needed under death claim are to be
sought in one instance
Admit or repudiate the claim in 30 days
 All the investigations needed to be completed in 6
months
 Interest at 2% over banks rate is payable in case of
delayed settlement

10. COMPOSITION OF AUTHORITY
 As per the section 4 of IRDA Act' 1999, Insurance
Regulatory and Development Authority (IRDA, which was
constituted by an act of parliament) specify the composition
of Authority
The Authority is a ten member team consisting of
(a) a Chairman;
(b) five whole-time members;
(c) four part-time members,
(all appointed by the Government of India)