Protecting the Policy Holders

A healthy and developing insurance sector is of vital importance to every modern economy. The growing size of the sector, the high level of sophistication in marketing and selling practices and forms of promotion like advertising, etc. have contributed to the increased need for protection of the insurance policy holders.
The Insurance Regulatory and Development Authority (IRDA) works on  Protection of the Consumer Right and Development of the Insurance Sector. The Insurance Regulatory and Development Authority Act, 1999 spells out The Mission of IRDA as : "... to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto......"
The Insurance Sector was opened for private participation with the enactment of the Insurance Regulatory and Development Authority Act, 1999. Since opening up, the number of participants in the industry has gone up from seven insurers in the year 2000 to 51 insurers as on January, 2013. The total 51 insurers include 24 Registered Life Insurers and 27 Registered Non-Life Insurers .