Insurance Regulatory And Development Authority Of India:
The Insurance Regulatory and Development Authority of India (IRDAI) recently made some major changes in the regulatory norms for health insurance policies.
- IRDAI is a statutory body formed under an Act of Parliament, i.e., the Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999), for the overall supervision and development of the insurance sector in India.
- Objectives is
- to protect the interests and fair treatment of the policyholder.
- to regulate the insurance industry in fairness and ensure the financial soundness of the industry.
- to regularly frame regulations to ensure the industry operates without any ambiguity.
- Head Office: Hyderabad
- It is responsible for registering and/or licensing insurance, reinsurance companies, and intermediariesaccording to the regulations.
- It sets the eligibility criteria, qualifications, and capital requirements for obtaining licenses in the insurance business.
- Composition: It is a 10-member body- a chairman, five full-time members, and four part-time members appointed by the Government of India.
