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Description
Insurance Regulatory and Development Authority Act, 1999 is an act to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalization) Act, 1972.
What are the objectives of the IRDA Act 1999?
To protect the interest and fair treatment of the policyholder. To regulate the insurance industry in fairness and ensure the financial soundness of the industry. To regularly frame regulations to ensure the industry operates without any ambiguity.
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