1) Insurance Regulatory & Development Authority (IRDA)
• When established? Constituted by the Insurance Regulatory and Development Authority Act, 1999.

• Headquarter – Hyderabad, Telangana.

• Composition – A Chairman & nine members of whom five are whole-time members and four are part-time members. All the members including the Chairman are appointed by the government of India.

• Objective – An autonomous, statutory agency to regulate and promote the insurance and re-insurance industry. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.

• Role of IRDA –
a) Safeguard the interest of and secure fair treatment to insurance policy holders.
b) Bring quick and systematic growth of the insurance industry, to provide long term funds for accelerating growth of the economy.
c) To set, promote, monitor and apply high standards of integrity, fair dealing, financial viability and capability.
d) To make sure that insurance policy holder receives precise, accurate, clear & correct information about the products & services; make customers aware about their duties & responsibilities.
e) To ensure quick settlement of genuine claims, prevent insurance frauds, scams & and put in place a grievance redressal machinery.
f) To boost transparency, fairness, and orderly conduct in market & build a trustworthy management information system in order to enforce high standards of financial soundness amongst market players.

• Functions of IRDA –
a) Issue a certificate of registration, & renew, modify, withdraw, suspend or cancel such registration
b) Specifying requisite qualifications, code of conduct and practical training for insurance intermediaries and agents
c) Specifying the code of conduct for surveyors and loss assessors
d) Promoting and regulating professional organisations connected with the insurance and re-insurance business
e) Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, insurance intermediaries etc.
f) Specifying the form and manner in which books of account shall be maintained
g) Regulating investment of funds by insurance companies
h) Adjudication of disputes between insurers and intermediaries or insurance intermediaries

2) Telecom Regulatory Authority of India (TRAI)

• When established? On 20 February 1997 to regulate telecom services and tariffs. Earlier it was done by the Central Government.

• Headquarter – New Delhi

• Composition – TRAI shall have a Chairman, at least two and at the most six members, all appointed by the Central Government

• Mission – To create and nurture conditions for growth of telecommunications in a manner and at a pace to enable India play a leading role in emerging global information society. It also has jurisdiction over the broadcasting sector.

• According to the TRAI act, amended in 2000, the functions of the TRAI have now been divided between two separate bodies namely:
a) The Telecom Regulatory Authority of India (TRAI)
b) The Telecom Disputes Settlement and Appellate Tribunal

• The recommendatory and regulatory functions are vested with the TRAI while dispute settlement & adjudicatory functions are handled by the Appellate Tribunal.

• Recommendatory Functions of TRAI – It can make recommendations either on its own initiative or on a request from a licensor on the following:
a) The need, timing for introduction & terms and conditions of license to a service provider
b) Revocation of license for Non-compliance with its terms and conditions
c) Measures to facilitate competition and promote efficiency in the operation of telecommunication services
d) Technological improvements in the services provided & type of equipment to be used by the service providers
e) Efficient management of available spectrum

• Regulatory Functions of TRAI –
a) To ensure compliance of terms and conditions of license by either issuing directions or recommending termination of license for non-compliance. Limited powers in this regard because any action under the license can only be taken by the licensor which is the Central government. But TRAI has the freedom to issue any kind of directions to the service providers.
b) Ensure technical compatibility and effective inter-connection between different service providers
c) Lay down the standards of quality of service to be provided to protect the interest of the consumers
d) Ensure effective compliance of universal service obligation

• Telecom Disputes Settlement and Appellate Tribunal – Performs the adjudicatory functions as follows:
a) Adjudicate disputes between a licensor and a licensee, two or more service provider and a group of consumers.
b) Dispose of appeal against any direction, decision or order of the TRAI
• This function of tribunal is alternative to filing an appeal in the High Court. An appeal from order of the tribunal lies with the Supreme Court.