Role of IRDA in development of insurance sector in India.

1. INSURANCE LAW
ROLE AND EFFECT OF INSURACE
REGULATORY AND DEVELOPMEMNT
AUTHORITY

2. INTRODUCTION
 IRDA is a Statutory, autonomous and apex
body to regulate the insurance sector in
India
 It was created upon the recommendations by
the Malhotra Committee report of 1994
 By the IRDA Act, 1999 this authority was
setup.
 To protect the interest of the policyholder
 To ensure fair treatment to policyholder
 To facilitate speedy and orderly growth of the
insurance industry sector in Indian economy

3. STRUCTURE
 The Insurance Regulatory and Development
Authority (IRDA) is a ten member team,
appointed by the Government of India,
consisting of the following:
 One Chairman
 Five whole-time members
 Four part-time members

4. ROLE OF IRDA
 It protect the interest of the policyholder
 It ensure fair treatment to policyholder
 It facilitate speedy and orderly growth of
the insurance industry sector in Indian
economy
 It provide dispute resolution mechanism

5. EFFECT OF IRDA
 On regulation of sector
 Over protection of policy holder
 Over awareness about insurance
 Over insurance market
 On competition between pvt. and public sector
 Tax saving
 Over banks and post offices

6. Conclusion
 IRDA proved to be effective authority
 Plays major role in development of industrial
sector
 Provides the norms and regulation

7. THANK YOU