Question #159402
critically examine the role of government in regulation of insurance business in india
Expert's answer
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.
