Insurance Regulatory Body – IRDA
About IRDA
The IRDA (Insurance Regulatory and Development Authority) is the national regulatory body for Insurance industry (both Life and Non-Life Insurance Companies) under the auspices of Government of India, situated at Hyderabad. IRDA was established by an act enacted in Indian Parliament known as IRDA Act 1999 and was amended in 2002 to incorporate some emerging requirements as well as to overcome some deficiencies in the entire process. The mission of IRDA as stated in the act is as follows:-
a) To protect the interests of the policyholders
b) To promote, regulate and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto
c) Conduction of insurance bussinesses across India in an ethical manner.
Full force and maximum utility of various institutions like Advisory Committee and self-regulatory organizations are not yet realized in India as the regulator seems to be in a long-learning mode. Due to over delegations, it is the individual incumbents that decide the pace and extent of utilization of prudential and statutory bodies.
Research on insurance sector is limited to opinion being sought through legacy channels. The Indian market mulls and patiently awaits the revision of insurance act alongwith establishment meaningfully functioning regulatory bodies that are devoid of excess delegation and subjective localization of development agencies. Unlike other Indian administrative Regulatory Bodies which are highly proactive, IRDA is perceived as a silent regulator with activities confined to its local existence.
![An Introduction - Indian General [Non-Life] Insurance Companies](https://www.medindia.net/images/patientinfo/120x100/health-insurance21.jpg "An Introduction - Indian General [Non-Life] Insurance Companies")
I wish to lodge a complaint against SBI Insurance Co. Ltd. with you. How I can proceed in this matter. I am from Delhi. Sushma Malhotra.
IF I AM EMERGENCY ADMITE SERIAS CONDITION IN HOSPITAL.THAT TIME I AM NOT CHECK THE HOSPIRAL REGISTRATION and NOT COUNT NUMBER OF BEDS. and HOSPITAL HAS LESS THAN 10 BED REGISTRATION. CAN INSURANCE COPMANY REIMBURSMENT OF CLAIM ?
Dear Sir, I have a insurance policy Kotak Mahindra, and paid only one lakh and the other cheque when I sent out it came back undeliverable. I am an NRI. Now when I am writing to Kotak Mahindra regarding the reimbursement of my money they are not replying. Is there a email id or place where I can lodge a complain
Myself and my wife aged abot 70 Years [and in good Health so far] have Health Insurance Policy (presently of Rs. 2.25 each) for the last Ten Years with No Claim so far. It is due for renewal shortly. We propose to change Scheme to Family Medicare Policy Flotter subsequently. Will we get benefit of old Policy in the new scheme? De-facto, it is continuance of Health Policy with change of scheme only Jagdish
It is very good. After all, the Chairman of a regulatory body like the IRDA should have domain knowledge on Insurance. For far too long the country has suffered with retired IAS officers getting mansabs or sinecures as Chairmen of these bodies