InsuranceTerm insurance Principal Declaration Hull insurance Death Benefit Excess of loss reinsurance
Authority
The IRDA, created under the Insurance Regulatory and Development Authority Act of 1999, serves as the governing body for the insurance industry. Its main responsibility is to oversee and regulate the activities of insurance companies. This ensures the protection of both consumers and the overall stability of the industry. The IRDA plays a crucial role in maintaining the financial health and integrity of the insurance sector. Its establishment is a crucial step towards promoting a fair and efficient insurance market.
Related terms
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