The Insurance Regulatory and Development Authority of India (IRDAI) marked the celebration of its Silver Jubilee (25th year) on 19th April 2024.

Banking & Finance

The Insurance Regulatory and Development Authority of India (IRDAI) marked the celebration of its Silver Jubilee (25th year) on 19th April 2024. Following the recommendations of the Malhotra Committee report, the IRDAI was constituted in 1999 as an autonomous body to regulate and develop the insurance industry. It was incorporated as a statutory body on April 19, 2000. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has, from 2000 onwards, framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests. The regulator’s initiatives have not only led to development of consumer-centric insurance products but also enhanced the access by freeing up the distribution model.


     

     

     

 

     


Insurance Regulatory and Development Authority of India (IRDAI)

Chairman- Debasish Panda
HQ- Hyderabad, Telangana
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