What is the full form of IRDA?
The IRDA full form is the Insurance Regulatory and Development Authority of India. It is a government-owned body that governs the Indian insurance business. Since 2001, the IRDA headquarters has been headquartered in Hyderabad. It has been relocated here from Delhi. It was established by the Indian government to facilitate the 1999 Insurance Regulatory and Development Authority Act’s enactment.
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Aspects of IRDA
The IRDA’s primary functions are given below.
- IRDA is responsible for policymaking and oversight of all Indian insurance companies.
- It protects policyholders’ privacy regarding claim resolution, insurance surrender value, etc.
- It specifies the credentials, code of ethics, and skills required of insurance brokers and agents.
- Mention is made of the code of conduct for surveyors and loss adjusters.
- It oversees the work of the Tariff Advisory Committee.
- It regulates insurance company investments in funds.
- Specified is the proportion of life insurance and general insurance activity in the rural or social sector.
- Arbitrates disputes between insurers and insurance middlemen.
- Prevents insurance policy fraud and typographical errors.
- Guarantees prompt claims payment
Another IrDA full form is Infrared Data Association. IrDA is a consortium of device manufacturers. In 1993, over fifty companies came together to set standards for the transmission of infrared data. Devices that adhere to IrDA standards are interoperable with one another for data transmission.
Application of the IRDA
- Its primary objective is to define guidelines for data transmission via infrared light waves.
- Instead of a cable or other connection method, infrared light is used to convey data between devices.
- It is sufficient to equip such devices with IrDA slots.
- Due to the development of Bluetooth, technology has become obsolete.
