The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad to regulate and control the insurance industry. It was formed by an act of Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some budding requirements.
As stated in the act mission of IRDA is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto."
When a policyholder has a complaint to make, he or she must first approach the Grievance or Consumer Complaints cell of the insurer. In the event of there being no response or no satisfactory response, the policyholder may write to the Grievance Redressal Cell of the IRDA which will then take up the matter with the concerned company for examination/re-examination.
IRDA has two websites.In case you are looking for information like regulations, authority and other regulatory information, please visit www.irdaindia.org
Always purchase any Insurance Policy by IRDA approved financial Consultants.
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