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    Insurance Regulatory and Development Authority of India (IRDA) - UPSC Notes

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    The Insurance Regulatory and Development Authority of India (IRDAI) is the apex regulatory body that regulates and develops the insurance industry in India. It was established in 1999 by an act of Parliament. IRDAI protects policyholders' interests by issuing registration certificates to insurance companies, regulating companies, and creating regulations. The current chairman of IRDAI is Subhash Chandra Khuntia.

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    Insurance Regulatory and Development Authority of India (IRDA) - UPSC Notes

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    The Insurance Regulatory and Development Authority of India (IRDAI) is the apex regulatory body that regulates and develops the insurance industry in India. It was established in 1999 by an act of Parliament. IRDAI protects policyholders' interests by issuing registration certificates to insurance companies, regulating companies, and creating regulations. The current chairman of IRDAI is Subhash Chandra Khuntia.

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    The Insurance Regulatory and Development Authority of India (IRDAI) is the apex regulatory body that regulates and develops the insurance industry in India. It was established in 1999 by an act of Parliament. IRDAI protects policyholders' interests by issuing registration certificates to insurance companies, regulating companies, and creating regulations. The current chairman of IRDAI is Subhash Chandra Khuntia.

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    Insurance Regulatory and Development Authority of India (IRDA) - UPSC Notes

    Uploaded by

    Aam aadmi
    The Insurance Regulatory and Development Authority of India (IRDAI) is the apex regulatory body that regulates and develops the insurance industry in India. It was established in 1999 by an act of Parliament. IRDAI protects policyholders' interests by issuing registration certificates to insurance companies, regulating companies, and creating regulations. The current chairman of IRDAI is Subhash Chandra Khuntia.

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    Insurance Regulatory and Development Authority of

    India [IRDA] - UPSC Notes


    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.

    IRDA Functions

    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.

    IRDA Mission

    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.

    UPSC Questions related to IRDAI

    Who regulates insurance services in India?

    IRDA that is the Insurance Regulatory and Development Authority of India regulates the insurance services
    in India.

    What is IRDA and its functions?

    Insurance Regulatory and Development Authority of India or the IRDAI is the apex body responsible for
    regulating and developing the insurance industry in India. Some of its functions can be listed as follows:

    • Issuing & regulating the registration certificates to insurance companies


    • Protecting the interest of policyholders
    • Providing licences to insurance intermediaries and setting the necessary code/norms of conduct for
    them.

    Who is the current chairman of IRDA?

    Former IAS officer Subhash Chandra Khuntia is the current Chairman of the Insurance Regulatory
    Development Authority of India (IRDAI).

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