Established : 2000
Govt Body Type : Statutory
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. To protect the interest of and secure fair treatment to policyholders. It was constituted by the Insurance Regulatory and Development Authority Act, 1999,an Act of Parliament passed by the Government of India.
Composition of Authority
As per IRDAI Act' 1999, specify the composition of Authority. All appointed by the Government of India
The Authority is a ten member team consisting of
(a) a Chairman;
(b) five whole-time members;
(c) four part-time members,
Duties, Powers and Functions
Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.