In this article, we will discuss IRDA (Functions). So, let’s get started.
Below are the important functions of the IRDAI in the insurance industry in India:
Grant, renew, modify, suspend, cancel or withdraw registration certificates of the insurance company.
Protecting the interests of the policyholder in matters concerning the grant of policies, settlement of claims, nomination by policyholders, insurable interest, surrender value of the policy and other terms and conditions of the policy.
Specify code of conduct, qualifications and training for intermediary or insurance agents.
Specify code of conduct for loss assessors and surveyors.
Levying fees and charges for carrying out the provisions of the Act.
Undertaking inspection, calling for information, and investigations including an audit of insurance companies, intermediaries, and other organizations associated with the insurance business.
Regulate and control insurance rates, terms and conditions, advantages that may be offered by the insurance providers.
Apart from the above-mentioned core functions of the IRDA, there are several functions that the regulator performs keeping the policyholder’s interest as its priority.