Insurance Regulatory Development Authority (IRDA), has been set up to protect the interests of the policy holders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. For the protection of the policyholders’ interest and efficient functioning of the insurers it is imperative that reliable, timely and accurate data is collected, processed and circulated by an independent body.
IRDA has the necessary access to the data related to insurance business in India. It is their duty to ensure that the available data is processed in such a way that it is useful for the various market players, researchers, policyholders as well as the common public at such intervals that it will be helpful for instantaneous and informed decision making.
In order to achieve this task IRDA needed to organize an advisory body consisting of representatives of the industry, experts in the insurance domain as well as in information technology as the data so produced by such a body will have necessary public confidence. This bureau was named the Insurance Information Bureau or IIB. The various functions, power and duties etc. are enumerated below:
The Bureau will function as the advisory body for IRDA by providing necessary inputs for policy research and development activity.
The Bureau, in addition will also function as a single point official reference for the entire data requirement on insurance sector.
All the necessary decisions regarding processing and disseminating of the data will be done as per the policy laid down by the Bureau.
The staff and officers of the Bureau will be on deputation from IRDA and functional duty allotment will be done by the Bureau.
The Bureau may delegate any of its regular functions to any officer of the Bureau as found suitable.
The Bureau shall ensure that the data obtained, processed and disseminated shall not breach business confidentiality and that the dissemination of data is done in such a fashion that the competition in the sector is not affected by asymmetry of information.
The Bureau shall ensure that the data policy as annexed to this order is strictly implemented in letter and spirit.
The Bureau is also directed to procure, install and utilize necessary data management systems to ensure confidentiality, precision and the speed necessary for implementing the policy.
The Bureau may decide upon the necessary policy on pricing of various data products produced by it.
The accounts department of IRDA shall maintain separate account of revenues and expenses of the Bureau and provide the necessary funds as per the budget prepared by the Bureau and approved by the Chairman, IRDA.
The rules of business of the Bureau may be decided by the Bureau in its first meeting and amend them subsequently as found necessary.
The Bureau shall give annual report of its functions to the IRDA by 30th June every year.
P.S: Information collected from Irda website.
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Tags: ADVANTAGES TO POLICYHOLDER, INTEREST OF POLICYHOLDERS, IRDA, POLICYHOLDER'S BENEFITS