The IRDA Act also carried out a series of amendments to the Act of1938 and conferred the powers of the Controller of Insurance on the IRDA.
The guidelines include some provisions that are necessary to be fulfilled by every health insurance policy and the policyholders. The guidelines introduced by the IRDA aims to reduce fraudulent cases and provide contentment to the policyholders.
IRDA has a huge impact on the Insurance sector of India. The Authority has to keep a close check on the Insurance sector to ensure that the interests of the policyholders remain intact. It regulates every activity of the insurance sector.