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.

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