What is full form of IRDA?
IRDA FULL FORM- Insurance Regulatory Development Authority
IRDA FULL FORM is Insurance Regulatory Development Authority. it is a government authority that regulate and develops the insurance industry in India. It has headquarters in Hyderabad. After knowing the IRDA full form, it is time to get knowledge about function of irda in India.
What does IRDA mean?
If your confused about the full form of irda or meaning of irda . Irda means Insurance Regulatory Development Authority that has many function like conduct irda exam , settle dispute of insurance company etc. following are some function of irda :
- Conduct agent irda exam: IRDA is a agency that has responsibility to conduct exam for insurance agent all over india. The person who want to be an insurance agent can apply by irda website which is www.irda.com
- Protect the interest of the policy holders: The main function of IRDA is to protect the interest of policy holders. Apart from that, it is also responsible to settlement in many kind of case like insurance claim, surrender value , nomination of policy holders etc.
- It specify the requisite qualification, training and code of conduct :IRDA plays important roles in deciding the requisite qualification of agent, it also decides about how many hours is enough for getting training. In this regard, IRDA has specified that the person who want to become agent should be 12th pass and he have to get training of 50 hours and after that he have to pass exam of irda that is conducted online.
- Controlling and developing insurance company: IRDA is one of the basic function of irda that it helps the insurance company in every aspect. It makes some usefulness and plans that help the insurance sector for getting their full performance.
- It control and regulate the rates, terms and conditions of insurance company: In india, rates, terms and condition of insurance company are controlled by IRDA. It decides the current rate and terms and conditions of insurance product. It can modify the term and condition of the insurance sector anytime. Here it is important point to notice that IRDA always tries to maintain insurers interest and do all the present condition for boosting the insurance sector and maintaining the interest of insurer.
- It specify the form and manner in which books of accounts should be maintained by insurance company: It is one of the main function of IRDA in which it make some standard and rules that should be followed by all the insurance company while maintaining books of accounts.
- IRDA settles of disputes between insurance company while maintaining books of accounts: One of the main function and responsibility of IRDA is to settle disputes of insurers or insurance company or intermediaries . here it makes guideline for the settlement of different kinds of disputes between insurer or intermediaries .
IRDA FULL FORM Members that includes in IRDA Agency:
IRDA agency is made with 10 members that are appointed by Government of India.These members includes
- A chairman
- Five full time members
- Four part time members
Process of becoming agent in IRDA:
The person who wants to be agent should be passed 12th class. To become a agent , he have to submit his or her all the important documents that are required in the registration process of IRGA Exam which is as follow:
- 2 passport size photo
- 12th class certificate
- One ID proof like Driving Licence or Voter Card.
- Photocopy of pan card
- Photocopy of bank statement etc.
After submission of above documents. He will have to take 50 hours training that is mandatory. In training, he is taught about the basic of insurance like what is insurance, what is advantage of this, what is maturity period etc. After completing the 50 hours of training, he have to take exam in any authorized IRDA Exam Center. The minimum passing marks is 18 out of 50 as per IRDA. Exam timing is 1 hours that is conducted online. What you have to do while giving exam. You just have to select the right answer among the given option. It is optional paper in which you have given four answer for every question. You have to select one according to your mind and go next. The good news is that there is no negative marking in this exam. It means you can attempt all the question without fear of losing any extra marks. If all the things goes well and you pass the exam. Then you will be issued a licence that will be the proof of authorized agent in India.Generally, As you know IRDA full form is Insurance Regulatory Development Authority. it has also other meaning that is as follow:
OTHER IRDA FULL FORM:
- Infrared Detection and Acquisition
- Infrared Data Association