Question

Explain the power of central government in IRDA functioning

Answer 1

Answer:

Powers of IRDA / IRDA Functions

To protect the interests of the policy holders in cases related to assigning and nomination of policy holders, understanding of insurance claims, insurable interests, surrendering of the value of the policy and other terms and conditions of the insurance contract.

Answer 2

ᴩᴏᴡᴇʀꜱ ᴏꜰ ɪʀᴅᴀ / ɪʀᴅᴀ ꜰᴜɴᴄᴛɪᴏɴꜱ :-

ᴛᴏ ᴩʀᴏᴛᴇᴄᴛ ᴛʜᴇ ɪɴᴛᴇʀᴇꜱᴛꜱ ᴏꜰ ᴛʜᴇ ᴩᴏʟɪᴄy ʜᴏʟᴅᴇʀꜱ ɪɴ ᴄᴀꜱᴇꜱ ʀᴇʟᴀᴛᴇᴅ ᴛᴏ ᴀꜱꜱɪɢɴɪɴɢ ᴀɴᴅ ɴᴏᴍɪɴᴀᴛɪᴏɴ ᴏꜰ ᴩᴏʟɪᴄy ʜᴏʟᴅᴇʀꜱ, ᴜɴᴅᴇʀꜱᴛᴀɴᴅɪɴɢ ᴏꜰ ɪɴꜱᴜʀᴀɴᴄᴇ ᴄʟᴀɪᴍꜱ, ɪɴꜱᴜʀᴀʙʟᴇ ɪɴᴛᴇʀᴇꜱᴛꜱ, ꜱᴜʀʀᴇɴᴅᴇʀɪɴɢ ᴏꜰ ᴛʜᴇ ᴠᴀʟᴜᴇ ᴏꜰ ᴛʜᴇ ᴩᴏʟɪᴄy ᴀɴᴅ ᴏᴛʜᴇʀ ᴛᴇʀᴍꜱ ᴀɴᴅ ᴄᴏɴᴅɪᴛɪᴏɴꜱ ᴏꜰ ᴛʜᴇ ɪɴꜱᴜʀᴀɴᴄᴇ ᴄᴏɴᴛʀᴀᴄᴛ.