Development of regulatory mechanism in insurance
Dear student,
Insurance Regulatory and Development Authority of India(IRDAI) is a statutory body that was made for protecting the interests of the policyholders and also, for regulating, ensuring, and promoting orderly growth of the insurance industry in India. It was formed under an Act of Parliament in 2000.
It has played an important role in the development of the sector by registering insurance companies; regulating premium rates, specifying financial reporting norms, giving license and establishing norms for insurance intermediaries, regulating investment of policyholders' funds, etc.
Regards,
Insurance Regulatory and Development Authority of India(IRDAI) is a statutory body that was made for protecting the interests of the policyholders and also, for regulating, ensuring, and promoting orderly growth of the insurance industry in India. It was formed under an Act of Parliament in 2000.
It has played an important role in the development of the sector by registering insurance companies; regulating premium rates, specifying financial reporting norms, giving license and establishing norms for insurance intermediaries, regulating investment of policyholders' funds, etc.
Regards,