Functions of IRDA

Functions of IRDA:

• Ensure orderly growth of Insurance industry.
• Protection of interest of policy holders.
• Issue consumer protection guidelines to insurance companies.
• Grant, modify, and suspend license for insurance companies.
• Lay down procedure for accounting policies to be adopted by the Insurance companies.
• Inspect and audit of Insurance companies and other related agencies.
• Regulation of capital adequacy, solvency, and prudential requirements of Insurance business.
• Regulation of product development and their pricing including free pricing of products.
• Promote and regular self regulating organizations in the insurance industry.
• Re-insurance limit monitoring.
• Monitor investments.
• 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 agent.
• Monitor the charges for various services by Insurance companies.
• Regulating intermediaries like;Agents, Brokers, Surveyors, TPA Health services.