What is the role of irda in insurance sector?

Answer 1

The following are the detailed purposes of the IRDA:

1. To Protect the Interest of all Insurance Policy Holders

2. To Ensure a Fair Treatment of all Insurance Policy Holders

3. To Enable the speedy and orderly growth of the insurance industry

4. To Set and Enforce Standards like Integrity, Fair Dealing etc in the Insurance Industry

5. To Ensure that insurance customers receive precise, clear and correct information about products and services sold by Insurance Co's

6. To Ensure Speedy Settlement of Insurance Claims

7. To Prevent Insurance Frauds and other Malpractices

8. To Serve as the Grievance Redressal Body for all Insurance Related Grievances