IRDA (Insurance Regulatory and Development Authority) is a Government Of India approved body to promote and regulate the insurance and re-insurance industries. It is a statutory body that aids the development, maintenance, and oversees the progress of the insurance industry.
The main products and services offered by IRDA are;
Like every other industry, even the insurance industry requires a regulatory body; that’s where IRDA was formed. IRDA was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of the Parliament Govt. of India
IRDA has various functions and missions, some of which are mentioned below;
IRDA holds a vital role in spreading awareness about the insurance industry and the products and services offered by them. No company in this industry can promote or practice a new product or service without IRDA's proper permission. They set the rules and guidelines for the companies to follow in this industry all over India.
To become an agent or employee of the insurance industry, one must pass the pre-recruitment examination conducted by the Insurance Institute of India (III), Mumbai. This certification is a must to get an IRDA license.
Further, he/she should have passed the minimum 12th Standard or equivalent examination of a recognised Institute or Board. They should undergo 150/100/70/50 hours of practical training also, depending on certain criteria. The license granted by IRDA is valid for three years.
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