Answer to Question #159402 in Management for manjula

Question

critically examine the role of government in regulation of insurance business in india

Answer 1

The role of government in the insurance business in India

The government of India regulates the insurance business through Insurance Regulatory and Development Authority (IRDA). It is a statutory body that oversees general insurance and life insurance companies operating in the country. Its primary role is to protect the policyholder's interests. The authority ensures a policyholder's interests are met by providing for; policy proposal form in easy and understandable language. Speedy settlements, setting up grievances redressal machinery, claim procedure in non-life and life insurance, and policyholder servicing. The statutory body also provides the payment of interest by the insurer for the delay of claim settlement.