Bharti AXA INSURANCE GLOSSARY IRDAI IRDAI IRDAI or the Insurance Regulatory and Development Authority of India is a statutory body constituted under the Insurance Regulatory and Development Authority Act, 1999. The express aims of IRDAI is to regulate, develop and promote the insurance and reinsurance industry in India. IRDAI has 10 members, including a chairman, five full-time and four part-time members appointed by the government of India. The primary activities of IRDAI include: Framing regulations for the insurance industry in India in accordance to the Section 114A of the Insurance Act 1928 Register new insurance companies in accordance to the current regulations Monitor activities across insurance sector for healthy development of the industry and to protect the interests of the policyholders. The primary duties of IRDAI have been laid down in the Section 14 of the IRDAI Act, 1999, and includes: Registering and regulating insurance companies Protecting policyholders’ interests Licensing and establishing norms for insurance intermediaries Promoting professional organisations in insurance Regulating and overseeing premium rates and terms of non-life insurance covers Specifying financial reporting norms of insurance companies Regulating investment of policyholders’ funds by insurance companies Ensuring the maintenance of solvency margin by insurance companies Ensuring insurance coverage in rural areas and of vulnerable sections of society Request Call Back Category * - Select -CarTwo WheelerHealthTravelPersonal Accident Buy Renew Claim submit Related Posts Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.