Answer to Question #195602 in Marketing for Peter Masih

Question

The Indian regulator of Insurance Business IRDAI, has been very instrumental to 

innovate the insurance products, sales along with the regulatory control. Please describe 

the IRDAI’s duties and responsibilities in context with the given statement.

Answer 1

The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India, and is tasked with regulating and promoting the insurance and re-insurance industries in India.

• Grant, renew, change, suspend, cancel or withdraw registration certificates of the insurance company.
• Protecting the interests of the policyholder in matters concerning the grant of policies, settlement of claims, nomination by policyholders, insurable interest, surrender value of the policy, and other terms and conditions of the policy.
• Specify code of conduct, qualifications, and training for intermediary or insurance agents.
• Specify code of conduct for loss assessors and surveyors.
• Levying fees and charges for carrying out the Act.
• Undertaking inspection, calling for information, and investigations including an audit of insurance companies, intermediaries, and other organizations associated with the insurance business.
• Regulate and control insurance rates, terms, and conditions, advantages that the insurance providers may offer.