IRDA Full Form (IRDA) – What is IRDA? – what is its full name? First you should know that some people know the shortcut of IRDA as IRDA. Today in this article we will discuss IRDA and tell you what it means and what is its full form and its complete name.
Along with this, in this article you will know that when IRDA was established and what is the work of IRDA organization, and where its headquarters are located. Along with this, you will know in which sector it is an organization and who is its current chairman.
There are many government organizations in India and IRDA is one of them and its work is as its name suggests. IRDA's work is made for only one sector and our money becomes safe just by having it. Hearing this, you must be feeling that whether this is an institution created for the banking world.
If you have this doubt in your mind, then it is going to go away now, so let us know the full form of IRDA in English.
IRDA Full Form
The full form of IRDA is made up of four words and in English it is called 'Insurance Regulatory and Development Authority'. On the other hand, its full form is Insurance Regulatory and Development Authority. This is the full form of IRDA, now let's know what is IRDA.
what is irda?
Simply put, IRDA is an organization under the Ministry of Finance, Government of India, which works to control and supervise the insurance companies present in India. The IRDA organization also works to ensure that the interests of the insured individuals are protected.
In this way, interest in insurance increases among people, which leads to the development of insurance and their companies in India and also protects the lives of people. In addition, IRDA is tasked with regulating both life and general insurance.
Functions of IRDA
We will know point by point what is the work of IRDA. The functions, powers and duties of IRDA are prescribed as per Section 14 of the Insurance Regulatory and Development Authority Act 1999. IRDA has the following functions.
- Registration and regulation of insurers (insurance companies)
- Ensuring the protection of the interests of policyholders
- Establishment of License for Insurance Agents
- setting standards for insurance agents
- Promotion of professional organizations active in insurance
- Regulation and maintenance of premium rates
- Regulating and monitoring the terms of non-life insurance cover
- Prescribes financial reporting standards for insurance companies
- When policyholders invest their money in insurance companies, IRDA works to regulate that money.
- IRDA is also responsible for ensuring that the solvency margin is properly maintained by the insurance companies.
- IRDA also works to make insurance accessible to the poor and backward classes in rural areas.
As well as, IRDA has other minor functions and changes keep on happening from time to time.
Establishment and History of IRDA
The history of IRDA is mainly seen from 1993 through many phases. The Government of India constituted a committee in the year 1993 with the objective of improving and improving insurance. Let us tell you that the chairman of this committee was former RBI Governor (Governor) Ram Narayan Malhotra.
Later, in the year 1994 R.N. Malhotra's committee presented its detailed report to the government. It was said in this report that private companies are allowed to enter the insurance sector. Thus IRDA was established in the year 1999 and was incorporated in April 2000.
Where is IRDA Headquarters?
IRDA's headquarters used to be in Delhi, which was shifted to Hyderabad city of Telangana state in the year 2001, now one of the headquarters is in Hyderabad only.
Who is the chairman of IRDA?
At present, the present Chairman of IRDA is Subhash Chandra Khuntia, who is also an IAS officer of 1981 batch and has also been the Chief Secretary of Karnataka in the past.
- Establishment – 1999
- Headquarters – Hyderabad
- Official website – irdai.gov.in
- President – Subhash Chandra Khuntia
- Sector – Insurance
- Type – Statutory Corporation