IRDAI’s Mission

Insurance Regulatory and Development Authority (IRDA) Act, 1999 spells out the Mission of IRDAI as:

“... 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......”

Functions and Duties of IRDAI

Section 14 of the IRDA Act, 1999 lays down the duties, powers and functions of IRDA.

1 Registering and regulating insurance companies

2 Protecting policyholders’ interests

3 Licensing and establishing norms for insurance intermediaries

4 Promoting professional organisations in insurance

5 Regulating and overseeing premium rates and terms of non-life insurance covers

6 Specifying financial reporting norms of insurance companies

7 Regulating investment of policyholders’ funds by insurance companies

8 Ensuring the maintenance of solvency margin by insurance companies

9 Ensuring insurance coverage in rural areas and of vulnerable sections of society