IRDA Full Form in Insurance

What is the Full Form of IRDA in Insurance?

The IRDA Full Form in Insurance is Insurance Regulatory and Development Authority. This had been established in the year 1999 with the motive to take up the protection of the holder’s interests, promotion of growth in the industry, and healthful financial balance. The functions and role, certification, advantages, and importance of IRDA in the country’s economic growth are presented in the following overview.

IRDA Summary:

The Insurance Regulatory and Development Authority, abbreviated as IRDA, is the regulatory and developmental authority charged with the responsibility of advancement, regulation, and growth of the insurance business in India. The headquarters of IRDA is located in Hyderabad, with Subhas Candra Kunthea as the chairperson. IRDA was created in 1999 as a statutory corporation. It overviews at least 24 companies in the area of life and non-life insurance with a market share of $1.28 trillion, accounting for 51% of the GDP of that state.

Role of IRDA:

Key roles of the IRDA are to regulate licensing, products regulation, market conduct, financial oversight, and consumer service in the insurance sector. This entity basically ensures that the market and the players in the market are meeting all the state’s regulations.

Certification Process:

IRDA conducts the certification of an insurance agent. After clearing the insurance-agent exam, a license is issued for a span of three years. There are many big companies running under IRDA regulations, like HDFC, ICICI, LIC, and Kotak Mahindra. They follow the policies and guidelines given by it.