The full form of IRDA is Insurance Regulatory and Development Authority. It is a company that the Indian government owns, and it manages the country’s insurance market. Hyderabad has been the IRDA’s headquarters since 2001. It was brought here from Delhi. The Indian government established it to help with the 1999 Insurance Regulatory and Development Authority Act.
Features of IRDA
Excel in IELTS with India’s Top Online Coaching
Leap has helped more than 1 Lakh students achieve 7+ IELTS band.
The following is a list of the main IRDA functionalities.
- All Indian insurance companies are under the regulation and policymaking authority of IRDA.
- It protects policyholders’ privacy regarding claim settlement, insurance surrender value, and other matters.
- It specifies the qualifications, code of conduct, and expertise of insurance intermediaries and agents.
- It makes mention of the loss assessors’ and surveyors’ code of conduct.
- It regulates how the Tariff Advisory Committee operates.
- It regulates the funds that insurance companies invest in.
- It is stated what proportion of life insurance and general insurance business is done in rural or social areas.
- Resolves disputes between insurance middlemen and insurers.
- Safeguards against the misuse and fraud of insurance policies.
- Ensures prompt claims resolution.
Second full form of IRDA
Another full form of IRDA is Infrared Data Association. Device makers form the IrDA group. To develop standards for the transmission of infrared details, it was founded in 1993 by about 50 businesses. Devices that follow IrDA standards are interoperable with one another for data transmission.
IRDA applications
- Its main objective is to provide regulations for infrared light-based data transmission.
- Information is transferred from one device to another using infrared light rather of a cable or other connecting method.
- All you have to do is add IrDA slots to such devices.
- The technology has become obsolete due to Bluetooth’s progress.