What is irda? Write the salient features of irda act 1999?
Answers
Answered by
9
Insurance Regulatory and Development Authority (IRDA) Act, 1999 spells out the Mission of IRDAI as: “... to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto......”
Answered by
18
IDRA stands for Insurance Regulatory and Development Authority of India. It is an autonomous and statutory body which regulates as well as promotes the insurance industries in India.
The salient features of IDRA act 1999 are :
1. Establishment of Regulatory Authority.
2. Insurance sector was thrown open to private sector.
3. Insurance Company is supposed to deposit 100 crores as security before starting the business.
4. More preference to health insurance schemes.
5. Protection of interests of insurance policy holders.
Similar questions