As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which was constituted by an act of parliament) specify the composition of Authority
The Authority is a ten member team consisting of
(a) a Chairman;
(b) five whole-time members;
(c) four part-time members,
(all appointed by the Government of India)
Insurance Regulatory & Development Authority is the board which was established by government of India. IRDA regulates the business of Private Insurance company's like ICICI, AVIVA, Max Newyork e.t.c. The Indian banks are under the control of RBI like the corporate insurance companies are under the reguation of IRDA.
The mission of IRDA are-
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
Nagendra
at
4:56 AM on September 19, 2008
