The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous statutory body tasked with regulating and promoting the insurance industry in India. It is headquartered in Hyderabad and has regional offices in Delhi and Mumbai. IRDAI has a chairman and nine other members appointed by the Government of India. It performs supervisory, regulatory, promotional, and monitoring roles. Its powers and functions include protecting policyholders' interests, registering insurers, regulating insurance rates and solvency margins, and resolving disputes. IRDAI opened the insurance market to foreign companies in 2000 and increased the FDI limit to 49% in 2016.

1. Dr. Jamaluddeen (Jamal), Assistant Professor
Department of Commerce, University of North Bengal

2. *The Insurance Regulatory and Development
Authority of India (IRDAI) is an
autonomous, statutory body
*Tasked with regulating and promoting the
insurance and re-insurance industries in India
*Constituted by the Insurance Regulatory and
Development Authority Act, 1999, an Act of
Parliament passed by the Government of India
*Headquarters are in Hyderabad, Telengana,
where it moved from Delhi in 2001

3. Composition of IRDAI:
As per Sec. 4 of IRDAI Act, 1999, the composition of the Authority
is:
* a) Chairman;
* b) Five whole-time members;
* c) Four part-time members,
(appointed by the Government of India)
They act as a group of members and work jointly
not individually like Controller of Insurance

4. * The headquarters are in Hyderabad , Telangana,
where it moved from Delhi in 2001
* The Regional Office is in New Delhi to focuses on
spreading consumer awareness and handling of
Insurance grievances besides providing required
support for inspection of Insurance companies
and other regulated entities located in the
Northern Region.
* Regional Office at Mumbai handles similar
activities, as in Regional Office Delhi, pertaining
to Western Region

5. * Supervisory Role
* Regulatory Role
* Role of Promoter
* Role of Monitoring or Intervention
* Corporate Governance
* Rural & Social Sector Obligator

6. Section 14 of the IRDAI Act, 1999 states the powers
and functions of the IRDA which are as follows:
* To protect the interest of the policyholders in the matters
related to –
Surrender value of the policy,
Settlement of insurance claims,
Insurable interest,
Nomination by policy holders etc.
* To give the Certificate of Registration to the applicant. It
can also renew, modify, withdraw, suspend or even cancel
the registration of the applicant
* To states the qualifications, code of conduct and practical
training for the intermediaries and insurance agents.

7. * To promote the efficiency in the conduct of the business of
insurance.
* To state the code of conduct for surveyors and loss
assessors
* To promotes and controls the professional organizations
that are connected with the insurance business.
* To call for information, conduct investigation, audit and
enquiry of the insurers, insurance intermediaries and
organization connected with the business of insurance.
* To controls and regulate the rates, gains terms and
conditions that are offered by the insurers with respect to
the general insurance business.
* To regulate the investment of funds by the insurance
companies.
* To regulate the margin of solvency

8. * To provide dispute resolution between the
insurers and insurance intermediaries
* To control the working of Tariff Advisory
Committee
* To down the %age of premium income of the
insurer to fund the schemes for promoting &
controlling the professional organizations.
* To lay down the %age of life insurance and
general insurance business that can be
carried out by the insurer in the rural or
social sector

9. * Section 25 of IRDAI Act, 1999 lays down-
For establishment of Insurance Advisory
Committee (IAC) consisting of not more than 25
members excluding the ex-officio members. The
Chairperson and the members of the Authority
shall be the ex-officio members of the Insurance
Advisory Committee.
* The objects of the IAC shall be to advise the
Authority on matters relating to making of
regulations under Section 26.

10. * The IRDA opened up the market in August
2000 with an invitation for registration
applications; foreign companies were allowed
ownership up to 26 percent
* With banking services, insurance services add
about 7% to India’s GDP.
* In 2013 the IRDAI attempted to raise the FDI
limit in the insurance sector to 49 percent
from its current 26 percent and the was
raised to 49 percent in June 2016.

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12. Thank You
Dr. jAMALUDDEEN
Assistant Professor
Department of Commerce
North Bengal University
Contact No. 07499615156
E-mail: qjamaluddeen@gmail.com