Role Of IRDA In Insurance

I am making project report on the topic Insurance Regulatory and Development Authority of India (IRDA) and want some details related to this. Can you provide details about the Role of Insurance Regulatory and Development Authority (IRDA) also provide me IRDA address?

[shikha]

IRDA - Insurance Regulatory Development and Authority is the statutory, independent and apex body that governs and supervise the Insurance Industry in India.

Role of Insurance Regulatory and Development Authority (IRDA)

To safeguard the interest of and secure fair treatment to insurance policy holders

To bring quick and systematic growth of the insurance industry or sector in order to provide benefits to the common man and also to provide long term funds for accelerating growth of the economy.

To set, promote, monitor and apply high standards of integrity, fair dealing, financial viability and capability of those it regulates.

To make sure that insurance policy holder receives precise, accurate, clear & correct information about the products & services provided by insurance companies & also make customers aware about their duties & responsibilities in this regard.

To ensure quick settlement of genuine claims, to prevent insurance frauds, scams & other malpractices and put in place operative grievance redressal machinery.

To boost transparency, fairness, and orderly conduct in financial markets dealing with insurance & build a trustworthy management information system in order to enforce high standards of financial soundness amongst market players.

To take appropriate actions where such standards do not prevail or are inadequate & ineffectively enforced.

To bring about optimal amount of self-regulation in day-to-day activities of the industry reliable with the requirements of prudential regulation.

Contact:

Head Office :

Insurance Regulatory and Development Authority of India
3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004
Telangana State (INDIA )

Ph: (040) 23381100
Fax: (040) 6682 3334