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What is the full form of IRDA?

Full form of IRDA: Here, we are going to learn about the IRDA, full form of IRDA, overview, history, head office, usages, etc.
Submitted by Anushree Goswami, on February 19, 2020

IRDA: Insurance Regulatory and Development Authority / Infrared DATA Association


1) IRDA: Insurance Regulatory and Development Authority

IRDA is an abbreviation of the Insurance Regulatory and Development Authority. It is an independent agency; statutory body assigned a task associated with regulating supporting and encouraging the insurance and re-insurance industries in India. As of May 01, 2018, the current chairman of IRDA is Mr. Subhash Chandra Khuntia, a former IAS officer.

IRDA full form (1)

Image source: https://www.toppr.com/guides/commercial-knowledge/organizations-facilitating-business/insurance-regulatory-and-development-authority-of-india-irdai/

Head Office

IRDA head office is situated in Hyderabad, Andhra Pradesh (now in Telangana) since 2001. It was shifted there from Delhi. After passing the Insurance Regulatory and Development Authority Act, 1999, by the Government of India, IRDA was founded.

Usage

  • IRDA is in charge of creating and keeping an eye on the policies of all the insurance companies in India.
  • It looks after and guards the interests of the policyholders associated with the settlement of the claim, surrenders the value of the policy, etc.
  • It sets out necessary qualifications, code of conduct and training for insurance intermediaries and agents.
  • It sets out a code of conduct for surveyors and loss assessors.
  • It administers and manages the functioning of the Tariff Advisory Committee.
  • It controls and manages the investment of funds by insurance companies.
  • It sets out the percentage of life insurance and general insurance business in the rural or social sector.
  • It passes judgment regarding the quarrel between insurers and insurance intermediaries.
  • It prevents fraud and misspelling of insurance products.
  • It makes sure a quick settlement of claims.

Insurance Repository

  • The insurance repository is recently declared and established by the Finance Minister of India.
  • It offers a service to aid policyholders to purchase and keep insurance policies in electronic form rather than in paper form.
  • The insurance repository will carry the electronic records of insurance policyholders.

2) IrDA: Infrared DATA Association

IRDA is also an abbreviation of the Infrared Data Association. It is an industry determined group of device manufacturers.

In 1993, it is founded by around 50 companies to build principles for infrared data transmission. The devices that comply with rules to IrDA principles are well-suited and attuned with one another for data transmission.

Usage

Its key job is to build up principles for transmitting data via infrared light waves. Infrared light is used to transfer data from one device to another device without using a cable or other connecting mediums. A person has to just modify those devices with IrDA ports.

The use of this technology is stopped because of the development of Bluetooth.

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