ROLE OF INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY IN THE GROWTH OF INSURANCE SECTOR IN INDIA

A well organised and developed insurance sector has to play a crucial role in the process of country's economic development by cultivating saving habits, protecting policy holders from uncertainties, providing safety to enterprises against fire and natural hazards and generating huge funds for infrastructure development. The prime responsibility of IRDA is to protect the interest of the policy holders, to regulate, promote and ensure the growth of the insurance industry in the country and to settle any other matters connected with insurance business. IRDA should ensure fair treatment by the insurance companies to protect the interest of the policy holders. It should also ensure that the insurance companies are providing precise and correct information about the products offered by them to the customers. It should regulate, supervise, monitor and implement quality competence and fair dealing and competition of the insurance companies in the insurance industry. Further, IRDA should prevent malpractices in the claim settlement process by ensuring speedy settlement of all the genuine claims of the policy holders.