IRDAI: The Pillar Of Trust And The Guardian Of Insurance Standards In India
- IJLLR Journal
- Mar 28
- 2 min read
Dr. N Vani Shree, Principal, JSS Law College (Autonomous), Mysuru, Karnataka, INDIA
Ms. Rajeswari H, BBA LLB (Hons.), JSS Law College, Mysuru, Karnataka, INDIA
Ms. Sangamithra S, BA LLB (Hons.), JSS Law College, Mysuru, Karnataka, INDIA
ABSTRACT
The Insurance Regulatory and Development Authority of India, known as IRDAI, is a pivotal regulatory body established to oversee and regulate all insurance-related matters within the Indian insurance sector. This organization plays a crucial role in supervising and promoting the growth and development of the insurance industry across the nation. IRDAI is entrusted with a multitude of functions, each aimed at ensuring the smooth and ethical operation of insurance businesses in India. Delving deeper into the regulatory framework of insurance laws, it becomes evidently clear that IRDAI holds a significant position in upholding the integrity, transparency, and efficiency of insurance operations within the country. With a plethora of responsibilities to discharge, including licensing and regulating companies, ensuring compliance with guidelines, and protecting the interests of policyholders, IRDAI stands as a cornerstone of the insurance landscape in India. Moreover, the essence of IRDAI extends beyond mere regulatory functions; it embodies a commitment to fostering consumer trust, facilitating innovation within the insurance sector, and driving sustainable growth. By maintaining a careful balance between regulation and industry support, IRDAI plays a pivotal role in shaping the future trajectory of insurance business in India, thereby safeguarding the interests of stakeholders and policyholders alike. In light of the foregoing, this paper aims to comprehensively explore the multifaceted role, functions, and significance of IRDAI within the broader context of insurance regulation in India. By shedding light on the mandates, challenges, and successes of this regulatory body, a deeper understanding of the dynamics shaping the insurance sector in India can be gleaned, paving the way for informed discussions on the future evolution of insurance regulation in the country.
Keywords: Insurance, IRDAI, Regulatory Mechanism, Standards, Supervision
