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.
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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
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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.
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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.
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The role of Irdai
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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.
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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

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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Burmans ask Care Health to cancel Rs 350 cr ESOP given to Religare's Saluja

2 min read Last Updated :Mar 21 2024 | 10:20 AM IST
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Unclaimed insurance funds higher in agent-sold policies: Analysts

4 min read Last Updated :Mar 04 2024 | 9:17 PM IST
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Irdai retains obligatory cession of business to GIC Re at 4% for FY25

2 min read Last Updated :Feb 23 2024 | 7:35 PM IST
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Irdai to introduce collaterals for reinsurance transactions with CBRs

3 min read Last Updated :Feb 21 2024 | 11:40 PM IST
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Insurance regulator IRDAI website down, users unable to access services

2 min read Last Updated :Feb 20 2024 | 4:40 PM IST
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PB Fintech subsidiary can now facilitate sale of reinsurance products

2 min read Last Updated :Feb 18 2024 | 10:55 PM IST
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Irdai proposes 30 days 'free look' period for policies from date of receipt

3 min read Last Updated :Feb 15 2024 | 12:28 AM IST
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Life insurers ask Irdai to charge surrender value on accumulated premia

3 min read Last Updated :Feb 14 2024 | 11:27 PM IST
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Irdai launches regulations for insurance electronic marketplace Bima Sugam

2 min read Last Updated :Feb 13 2024 | 11:09 PM IST
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Irdai chief asks insurance firms to underwrite disruptions to grow biz

2 min read Last Updated :Feb 13 2024 | 11:09 PM IST
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Lack of full Bench takes a toll on SAT's functioning and efficiency

4 min read Last Updated :Feb 12 2024 | 10:28 PM IST
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Uncharacteristic of NBFCs to seek bank licences: RBI Dy Guv Rajeshwar Rao

4 min read Last Updated :Feb 09 2024 | 3:53 PM IST
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