Insurance Regulatory and Development Authority of India: its mission and statutory role

Background

IRDAI is a statutory body set up to protect the interests of policyholders and to regulate, promote and ensure the orderly growth of the insurance industry in India.
Its mission is to protect the interest of, and secure fair treatment to, policyholders.
It aims to bring about speedy and orderly growth of the insurance industry for the benefit of the common man and to provide long term funds for accelerating growth of the economy.
It sets, promotes, monitors and enforces high standards of integrity, financial soundness, fair dealing and competence of those it regulates.
It works to ensure speedy settlement of genuine claims, prevent insurance frauds and put in place effective grievance redressal machinery.