If you are confused about the full form of IrDA or the meaning of IrDA. Irda means the Insurance Regulatory Development Authority that has many functions like conduct irda exam, settle the dispute of insurance company, etc. following are some function of irda :
Conduct agent Irda exam: IRDA is an agency that has the responsibility to conduct exams for insurance agents all over India. The person who wants to be an insurance agent can apply by irda website which is www.irda.com
Protect the interest of the policyholders
The main function of IRDA is to protect the interest of policyholders. Apart from that, it is also responsible for settlement in any kind of case like insurance claims, surrender value, the nomination of policyholders, etc.
It specifies the requisite qualification, training, and code of conduct: IRDA plays important role in deciding the requisite qualification of an agent, it also decides about how many hours is enough for getting training. In this regard, IRDA has specified that the person who wants to become an agent should be a 12th pass and he has to get training of 50 hours and after that, he has to pass the exam of irda that is conducted online.
Controlling and developing an insurance company
IRDA is one of the basic function of irda that it helps the insurance company in every aspect. It makes some usefulness and plans that help the insurance sector for getting their full performance.
In India, the rates, terms, and conditions of the insurance companies are controlled by IRDA. It decides the current rate and terms and conditions of the insurance product. It can modify the term and conditions of the insurance sector anytime. Here it is important point to notice that IRDA always tries to maintain insurers’ interest and do all the present conditions for boosting the insurance sector and maintaining the interest of insurers.
It specifies the form and manner in which books of accounts should be maintained by the insurance company: It is one of the main functions of IRDA in which it makes some standards and rules that should be followed by all the insurance company while maintaining books of accounts.
IRDA settles disputes between insurance companies while maintaining books of accounts: One of the main functions and responsibilities of IRDA is to settle disputes of insurers or insurance company or intermediaries. here it makes guidelines for the settlement of different kinds of disputes between insurers or intermediaries.
IRDA FULL FORM Members that includes in IRDA Agency
IRDA agency is made of 10 members that are appointed by the Government of India. These members include
Five full-time members
Four part-time members
Process of becoming an agent in IRDA
The person who wants to be an agent should be passed the 12th class. To become an agent, he has to submit his or all the important documents that are required in the registration process of the IRGA Exam which is as follow:
- 2 passport size photo
- 12th class certificate
- One ID proof like Driving Licence or Voter Card.
- Photocopy of pan card
- Photocopy of bank statement etc.
After submission of the above documents. He will have to take 50 hours of training that is mandatory. In training, he is taught about the basics of insurance like what is insurance, what is the advantage of this, what is maturity period, etc.
After completing the 50 hours of training, he has to take the exam in any authorized IRDA Exam Center. The minimum passing mark is 18 out of 50 as per IRDA. Exam timing is 1 hour that is conducted online. What you have to do while giving the exam.
You just have to select the right answer among the given option. It is an optional paper in which you have given four answers for every question. You have to select one according to your mind and go next.
The good news is that there is no negative marking in this exam. It means you can attempt all the questions without fear of losing any extra marks. If all the things go well and you pass the exam. Then you will be issued a license that will be the proof of authorized agent in India. Generally, As you know IRDA full form is the Insurance Regulatory Development Authority. it has also other meaning that is as follow:
OTHER IRDA FULL FORM:
Infrared Detection and Acquisition
Infrared Data Association
Related Full Form: