IRDAI: Functions, Regulations & Key Facts for Insurance Exams

IRDAI questions appear in every insurance exam. Here are the must-know facts.

Basic Facts

Full form: Insurance Regulatory and Development Authority of India. Established: April 19, 2000. Based on: IRDA Act, 1999. Headquarters: Hyderabad, Telangana. Preceded by: Controller of Insurance (under Insurance Act, 1938).

Key Functions

1. Issue licenses to insurance companies. 2. Protect policyholders' interests. 3. Regulate and promote the insurance industry. 4. Specify financial reporting norms. 5. Adjudicate disputes between insurers and intermediaries.

Important IRDAI Regulations

Minimum capital requirement for insurance companies: Rs. 100 crore. Insurance companies must invest a portion of funds in government securities. Claim settlement norms: Claims must be settled within 30 days of last necessary document. Free-look period: 15 days to return a new policy.