Government organizations and bodies are an important part of the polity and governance part of the UPSC syllabus. In this article, we talk about the Insurance Regulatory and Development Authority of India (IRDAI) for the IAS exam.
Insurance Regulatory and Development Authority of India or the IRDAI is the apex body responsible for regulating and developing the insurance industry in India. It is an autonomous body. It was established by an act of Parliament known as the Insurance Regulatory and Development Authority Act, 1999. IRDAI is headquartered in Hyderabad in Telangana. Prior to 2001, it was headquartered in New Delhi. The organization fought for an increase in the FDI limit in the insurance sector to 49% from the previous 26%. The FDI cap was hiked to 49% in July of 2014.
- Its primary purpose is to protect the rights of the policyholders in India.
- It gives the registration certificate to insurance companies in the country.
- It also engages in the renewal, modification, cancellation, etc. of this registration.
- It also creates regulations to protect policyholders’ interests in India.
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