Outline the functions of IRDAI, which highlights its development role ?

Insurance Regulatory and Development Authority of India (IRDAI): Out of the innumerable functions of the IRDAI, those that highlight its developmental role in the growth of the insurance markets in India are as follows: To regulate, promote and ensure orderly growth of the insurance business and reinsurance business. To protect the interests of the policyholders in matters concerning assigning of policy, nomination, insurable interest, settlement of insurance claim, surrender value of policy, and other terms and conditions of contracts of insurance. To promote efficiency in the conduct of insurance business. To call for information form, undertake inspection of, and conduct enquiries and investigations, including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business. To regulate the investment of funds by insurance companies To regulate maintenance of margin for solvency. To settle disputes between insurers and intermediaries or insurance intermediaries. To specify the percentage of life insurance business and general insurance business to be underwritten by the insurer in the rural or the social sector.