Long form of IRDA

Question

Long form of IRDA

Accepted Answer

IRDA stands for Insurance Regulatory and Development Authority.

IRDA is a regulatory body in India that oversees the insurance industry.
It was established in 1999 under the IRDA Act.
IRDA's main objective is to protect the interests of policyholders and promote the growth and development of the insurance sector.
It regulates and issues licenses to insurance companies, agents, and brokers.
IRDA also sets guidelines and regulations for insurance products and ensures their compliance.
The authority monitors the financial performance and solvency of insurance companies.
IRDA plays a crucial role in resolving disputes between policyholders and insurance companies.
It promotes insurance awareness and education among the public.
IRDA has introduced various reforms and initiatives to improve the efficiency and transparency of the insurance sector.
For example, the introduction of online policy issuance and renewal has made insurance processes more convenient for customers.

Accepted Answer

Insurance Regulatory and Development Authority

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