The Appointments Committee of Cabinet (ACC) has appointed former chief secretary of Karnataka, Subhash Chandra Khuntia as new chairman of Insurance Regulatory and Development Authority of India (IRDAI). He will succeed TS Vijayan whose five-year term ended in February 2018. He will have tenure of period of three years from the date of joining. Subhash Chandra Khuntia is 1981-cadre IAS official from Karnataka,
Insurance Regulatory and Development Authority of India (IRDAI)
IRDA is an apex statutory body that regulates and develops insurance industry in India. It was constituted as per provisions of Insurance Regulatory and Development Authority Act, 1999. Its headquarter is in Hyderabad.
Functions of IRDA
- Protect the rights of insurance policy holders.
- Provide registration certification to life insurance companies
- Renew, modify, cancel or suspend this registration certificate as and when appropriate; promote efficiency in conduct of insurance business
- Promote and regulate professional organisations connected with insurance and reinsurance business; regulate investment of funds by insurance companies
- Adjudication of disputes between insurers and intermediaries or insurance intermediaries.