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Describe role of Insurance Regulatory Authority Of India (IRDAI) in motor vehicle insurance.

1 Answer

1. To regulate the rates, terms and Conditions of insurance, offered to their customer in general insurance business. 2. To regulate how insurance company invest their funds and maintain their margin of solvency. 3. To conduct investigation and Audits of insurance company and any other organization connected with insurance company. 4. Protection of the policy holders such as Assigning of policy, nominating members to policy, insurable interest, settlements of claims and any other such matters. 5. Make guidelines and provide training for appropriate code of conduct for insurance agent. 6. Also making code of conduct for surveyors and loss assessor working with insurance company.
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