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What is Insurance Regulatory and Development Authority of India (Irdai) ?

IRDAI

About IRDAI

What is Insurance Regulatory and Development Authority of India (Irdai) ?

The Insurance Regulatory and Development Authority of India (Irdai) is an autonomous and statutory body which is responsible for managing and regulating insurance and re-insurance industry in India.
 
Irdai is a 10-member body- a chairman, five full-time members and four part-time members. It was constituted under an Act of Parliament in 1999 and the agency's headquarters is in Hyderabad.
History of India’s insurance industry
 
In I950, the Government of India nationalised India’s insurance industry and established Life Insurance Corporation (LIC) of India. In the 1990s, the government decided to open up the insurance sector to private players. A committee was set up to propose reforms and the Irdai was formed.
 
In 2000, when the market was opened up, foreign firms were allowed to buy of up to 26 per cent stake in Indian insurance companies. Later, foreign direct investment in the insurance sector was capped at 49 per cent. This was finally changed to 100% in Budget 2020.
 
The role of Irdai
 
Insurance is a growing sector in India. According to media reports, India’s life insurance companies saw 11.36 per cent growth in collective premium income to Rs 48.26 trillion or $684.64 billion during the financial year ended March 2020.
 
Irdai, therefore, has many roles. First, it has to protect the interests of insurance policy holders and ensure that they are treated in a just manner. It also has to monitor policy issuers to ensure that the common man’s interests are not subverted.

Latest Updates on IRDAI

Hinduja led IIHL gets Irdai's nod for acquisition of Reliance Capital

2 min read Last Updated :May 11 2024 | 5:44 PM IST
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Irdai asks insurers to compulsorily meet rural, social sector obligations

2 min read Last Updated :May 10 2024 | 11:39 PM IST
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Irdai imposes a fine of Rs 1 crore on IPO-bound Go Digit Insurance

2 min read Last Updated :May 07 2024 | 9:46 PM IST
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Pricing key challenge for health insurance of older citizens: Experts

4 min read Last Updated :Apr 23 2024 | 12:08 AM IST
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Irdai removes age limit of 65 yrs for buying health insurance policies

2 min read Last Updated :Apr 21 2024 | 2:47 PM IST
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Early in the tenure of non-linked policy you don't like? Surrender it

6 min read Last Updated :Apr 14 2024 | 8:37 PM IST
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Red Sea crisis: RBI, Irdai called in to help limit impact on Indian exports

2 min read Last Updated :Apr 11 2024 | 11:10 AM IST
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Irdai raises concern over Hinduja Group-led IIHL's bid for Reliance Capital

3 min read Last Updated :Apr 07 2024 | 4:32 PM IST
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Loan against insurance, minding mental health: Top personal finance stories

3 min read Last Updated :Apr 05 2024 | 11:02 AM IST
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Choose life policy carefully; early surrender can cause major losses

5 min read Last Updated :Mar 29 2024 | 10:11 PM IST
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Bima Sugam - your one-stop portal for all insurance policies: Details here

2 min read Last Updated :Mar 28 2024 | 3:09 PM IST
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LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag

2 min read Last Updated :Mar 27 2024 | 8:59 PM IST
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Irdai retains surrender value norms, positive for life insurers: Analysts

3 min read Last Updated :Mar 26 2024 | 11:33 PM IST
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Irdai notifies series of regulations, tweaks rules on surrender charges

4 min read Last Updated :Mar 26 2024 | 5:05 PM IST
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Irdai allows firms to offer customised insurance to match customer needs

4 min read Last Updated :Mar 25 2024 | 9:43 PM IST
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Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance

4 min read Last Updated :Mar 25 2024 | 6:09 PM IST
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Bima Sugam likely to reduce dependence on intermediaries for insurers

5 min read Last Updated :Mar 25 2024 | 9:37 PM IST
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IRDAI approves Bima Sugam, 7 other regulations in 125th board meet

3 min read Last Updated :Mar 23 2024 | 11:33 AM IST
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Galaxy Health gets Irdai approval to launch health insurance business

2 min read Last Updated :Mar 22 2024 | 9:05 PM IST
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Banks to insurers: Using the ombudsman system to get complaints resolved

5 min read Last Updated :Mar 24 2024 | 9:27 PM IST
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