IRDA Full Form | Full Form of IRDA




(i) IRDA Full Form - Insurance Regulatory and Development Authority

  • IRDA stands for Insurance Regulatory and Development Authority.
  • It's office run by Government of India. It regulates insurance industry in India.
  • The present chairman (as of March, 2017) of IRDA is Mr. T.S. Vijayan.
 Insurance Regulatory and Development Authority

Insurance Regulatory and Development Authority

Headquarter

  • IRDA is headquartered in Hyderabad, Andhra Pradesh (Now in Telangana) since 2001. It had been shifted there from Delhi.
  • It had been established after passing the Insurance Regulatory and Development Authority Act, 1999, by the government of India.

Usage

  • IRDA is responsible for making and monitoring the policies of all the insurance companies in India.
  • It protects the interests of the policy holders associated with settlement of claim, surrender value of policy etc.
  • It specifies requisite qualifications, code of conduct and training for insurance intermediaries and agents.
  • It specifies code of conduct for surveyors and loss assessors.
  • It supervises the functioning of the Tariff Advisory Committee.
  • It regulates investment of funds by insurance companies.
  • It specifies the share of life insurance and general insurance business within the rural or social sector.
  • Adjudicates the disputes between insurers and insurance intermediaries.
  • Prevents frauds and misspelling of insurance products.
  • Ensures speedy settlement of claims.

Insurance Repository

  • It is recently announced and set by minister of finance of India.
  • It provides a facility to help policy holders to shop for and keep insurance policies in electronic form instead of in paper form.
  • Insurance repository will hold the electronic records of insurance policy holders.

(ii) IRDA Full Form - Infrared DATA Association

 Infrared DATA Association

Infrared DATA Association

  • Infrared Data Association is a group of device manufacturers.
  • It's founded in 1993 by around 50 companies to make standards for infrared data transmission.
  • The devices that conform to IRDA standards are compatible with each other for data transmission.

Usage

  • Its main task is to develop standards for transmitting data via infrared light waves.
  • Infrared light is used to transfer data from one device to a different device without using a cable or other connecting mediums.
  • You've got to only customize those devices with IRDA ports.
  • This technology is now out of use due to the development of Bluetooth.


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