Context: In the last 24 years, IRDAI steered the industry on the growth path in the post-reforms era by safeguarding consumer interests and propelling industry advancement.
About IRDAI
- Type of Body: Formed as a statutory body under an Act of Parliament, i.e., IRDAI Act 1999.
- HQ: Hyderabad, Telangana.
- Ministry: Ministry Of Finance, Department of Financial Services.
- Composition: The Authority is a ten member team consisting of (a) a Chairman; (b) five whole-time members; (c) four part-time members, all appointed by the Government of India.
What does it do?
- Grants licences to Insurance companies and Insurance intermediaries.
- Protect the interests of policyholders.
- Regulates the investment of funds by Insurance companies, professional organisations connected with the Insurance business.
- Undertakes the inspection of, conducts enquiries and investigations of the entities connected with the Insurance business.
- Adjudication of disputes between insurers and intermediaries or insurance intermediaries
Entities regulated by IRDAI
- Life Insurance Companies - Both public and private sector Companies
- General Insurance Companies - Both public and private sector Companies.
- Reinsurance Companies
- Agency Channel
- Intermediaries like Corporate Agents, Brokers etc.