What is the Full Form of IRDA?

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Full form of IRDA

The full form of IRDA is the Insurance Regulatory and Development Authority of India which is an autonomous statutory body that regulates, protects and promotes the insurance and re-insurance industries in India. The body was constituted under the Insurance Regulatory and Development Authority Act, 1999 an Act of the Parliament of India.

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What is the Organizational Structure of IRDA?

Section 4 of the IRDA Act 1999, specifies the composition of the Authority. It consists of a 10-member team that includes:

  • A Chairman
  • Five full-time members
  • Four part-time members

The head office of IRDA is located in Hyderabad. Major activities including ensuring the stability of the finances of insurers and monitoring the conduct of various regulated entities of the market are carried out from the office.

Regional offices of IRDA are located in Mumbai and New Delhi. The New Delhi office focuses on spreading consumer awareness and handling of insurance grievances apart from providing the support required for the inspection of insurance companies. It is also responsible for licensing of surveyors. The Mumbai office functions in a similar manner as well but in the Western Region.

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What are the Objectives of IRDA?

The following are the objectives of IRDA:

  • It is responsible for protecting and ensuring the fair treatment of policyholders
  • To understand the quick and efficient development of the insurance business to extend support to normal men and also provide long-term assets for the quick development of the economy 
  • It also sets, advances, screens and implements the expectations of integrity including reasonable dealing and money-related adequacy of those it directs
  • To guarantee quick settlement of real cases in order to prevent cheats and different malpractices and set up an efficient and viable complaint redressal cell.

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We hope this has helped you understand the full form of IRDA and everything related to it. Do you want to know more full forms like this? In the world of short forms, you can rely on our page to know more! Get in touch with our study abroad experts to achieve your international dream today

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