Insurance Regulatory and Development Authority of India or the IRDAI (also referred to as IRDA) is a government body responsible for regulating and developing the insurance industry in India. Government Departments and Ministries are essential for the IAS Exam.
For UPSC Aspirants, it is important to know which ministry deals with what issues and concerns as this can be asked in the UPSC Prelims exam. It is also important to know these minor details because it helps in understanding how the government machinery works in India.
Insurance Regulatory and Development Authority of India or the IRDAI
The 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. Hence, it is a statutory body.
The IRDAI is headquartered in Hyderabad in Telangana. Prior to 2001, it was headquartered in New Delhi.
The functions of the IRDA are listed below:
- 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.
To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.
IRDAI UPSC Notes:- Download PDF Here
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