Describe the establishment, composition and objectives of In

Question

Describe the establishment, composition and objectives of Insurance Regulatory and Development Authority (IRDA). Discuss the duties, powers and functions of IRDAI.

03 Mar 2025

Answer :

Word Count : 620

The Insurance Regulatory and Development Authority of India (IRDAI) is the apex body responsible for regulating and developing the insurance industry in India. It was established under the Insurance Regulatory and Development Authority Act, 1999, to ensure a fair, transparent, and efficient insurance market while protecting policyholders' interests.

### Establishment of IRDAI
Before IRDAI's formation, insurance in India was primarily governed by the Insurance Act of 1938 and was controlled by the government. The liberalization of the Indian economy in the 1990s necessitated reforms in the insurance sector, leading to the formation of IRDAI. The IRDAI Act, 1999, was passed ______ ___ __________ ________ ____ _____ ______ ______ _______ ______.
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