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
- 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.
- 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.
- 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 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.
- 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.