What is the Full Form of IRDAI in Insurance?
The IRDAI Full Form in Insurance is Insurance Regulatory and Development Authority of India. It is a statutory body formed under the “Insurance Regulatory and Development Authority Act,” 1999. It functions as the prime regulatory authority to take care of and develop the insurance sector of the country.
Mandate and Functions:
The functions and powers are quite comprehensive in nature, enshrined in the IRDA Act, 1999, and the Insurance Act, 1938, IRDAI. They include the following duties: making regulations to set a strong regulatory framework, regulation of the insurance entities, and overseeing the functionaries for compliance towards the standards and the norms set in the industry.
Key Objectives Of IRDAI:
IRDAI has its main aims very clear: to secure the interest of policyholders and to ensure the sustainable growth of the insurance industry.
- For the service of its policyholders, the IRDAI is dedicated to safeguarding their interest through regulation guidelines demanding fairness in treatment and transparent practices with a guarantee of settling claims within reasonable time.
- The authority is trying to boost orderly expansion to develop the insurance sector and, in a way, increase innovation within the insurance sector while simultaneously enhancing easier access to the different insurance products and services among the populace.
- IRDAI is committed to ensuring a responsive mechanism of effective grievance redressal, enabling the policyholders to seek recourse from disputes or dissatisfaction arising from insurance services.
- IRDAI ensures that the financial markets dealing with insurance are conducted with integrity and maintained to promote ethical conduct and responsible business practices.