Insurance Regulatory and Development Authority of India: Banking Awareness Special Series

Team Adda247 and Bankers Adda have introduced a Banking Awareness Special Series for SBI and IBPS Interviews 2021. In this series, we will be introducing the candidates with some banking awareness topics  On a daily basis that will improve their general awareness and will also ensure that the candidates do not lack in any banking term when it comes to the interview round. Today the topic of our Banking Awareness Special Series is ‘Insurance Regulatory and Development Authority of India’.

Establishment: 1999

HQ: Hyderabad, Telangana

Chairman: Subhash Chandra Khuntia

                On recommendations of the R. N. Malhotra committee, the Insurance Regulatory and Development Authority of India (IRDAI) was constituted in 1999 and incorporated in April 2000 to regulate and develop the insurance sector in India.

                According to the IRDAI act, 1999 it has a ten-member authority including the chairman. The main objective of IRDAI is to promote competition to enhance customer satisfaction with vast consumer choice and lower premiums and to ensure the financial security of the insurance sector. Here are other functions of IRDAI includes: protecting policyholder interests, frame code of conduct for intermediaries and agents, promote efficiency in the insurance business, inspecting and investigating insurers, intermediaries, and other relevant organizations, to regulate company investment of funds, ensuring speedy settlement of genuine claims, preventing insurance frauds and other malpractices and put in place effective grievance redressal machinery, supervising the Tariff Advisory Committee, to take some strict action where such standards are inadequate or ineffectively enforced, levying fees and other regulating charges, etc.

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IRDAI currently in News:

IRDAI has identified GIC, LIC, and New India Assurance as domestic systemically important insurers (D-SIIs) and decided to enhance regulatory supervision on them.

IRDAI tighten insurance advertising norms for insurance companies that are making claims beyond their ability of the policy.

IRDAI had released guidelines for a standard vector-borne disease-specific health insurance product.

IRDAI sets up panel to relook guidelines on information, cybersecurity.

IRDAI directs insurers to issue Digi locker to policyholders to preserve documents.

The government of India has raised the FDI limit from 49 percent to 74 percent in the Union budget 2021.

Stay connected with us for this  Banking Awareness Special Series if you are an achiever who is now appearing for an interview of IBPS or SBI.