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IRDA (Insurance Regulatory and Development Authority) shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business in India.
Composition of Authority under IRDA Act, 1999
As per the section 4 of IRDA (Insurance Regulatory and Development Authority) Act’ 1999, Insurance Regulatory and Development Authority (IRDA – Insurance Regulatory and Development Authority, which was constituted by an act of parliament) specify the composition of Authority
The Authority is a ten member team consisting of
(a) a Chairman;
(b) five whole-time members;
(c) four part-time members,
(all appointed by the Government of India)
Mission of IRDA(Insurance Regulatory and Development Authority):
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.
Find the details about irda – insurance regulatory and development authority of india’s duties, powers and functions (irda’s duties, powers and functions).
