Insurance Regulatory and Development Authority (IRDA) was set up as autonomous body under the IRDAAct, 1999. IRDA’s
Mission is to protect the interests of policyholders and to regulate and develop the insurance industry. It has its headquarters at
Hyderabad, Telangana where it shifted from Delhi in 2001.
Insurance Regulatory and Development Authority (IRDA) has been renamed as ‘Insurance Regulatory and Development Authority of
India’ after the promulgation of Insurance Laws (Amendment) Ordinance, 2014, by the President of India on December 26, 2014.

• a Chairman;
• five whole-time members;
• four part time members

Functions and Duties of IRDAI
Section 14 of the IRDAAct, 1999 lays down the following duties, powers and functions of IRDA.
Registering and regulating insurance companies
Protecting policyholders’ interests
Licensing and establishing norms for insurance intermediaries
Promoting professional organisations in insurance
Regulating and overseeing premium rates and terms of non-life insurance covers
Specifying financial reporting norms of insurance companies
Regulating investment of policyholders’ funds by insurance companies
Ensuring the maintenance of solvency margin by insurance companies
Ensuring insurance coverage in rural areas and of vulnerable sections of society
Objectives of IRDAI
To provide policyholders with a secure and fair policies;
To bring about speedy and orderlygrowth of the insurance industry, for the benefit of the common man, and to provide long term
funds for accelerating growth of the economy;
To ensure speedy settlement of genuine claims,to prevent insurance frauds and provide an effective grievance redressal
mechanism;
To provide a reliable management information system to enforce high standards of financial soundness amongst market players.
Insurance Ombudsman
The institution of Insurance Ombudsman was created by a Government of India Notification dated 11th November, 1998 with the
purpose of quick disposal of the grievances of the insured customers and to mitigate their problems involved in redressal of those
grievances.
Ombudsman are drawn from Insurance Industry, Civil Services and Judicial Services.
An insurance Ombudsman is appointed for a term of three years or till the incumbent attains the age of sixty five years, whichever  is earlier.

Re-appointment is not permitted. 

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