Polity
As
a major decision in the governance context, The Insurance Regulatory and
Development Authority of India (IRDAI) has granted general and standalone
health insurers to offer products without prior approval.
· IRDAI Insurance Regulatory Development Authority
(IRDA) is an official body created under the IRDA Act of 1999.
· It is an independent, an apex body that has the
obligation to regulate and supervise the insurance sector in India.
· Insurance Regulatory Development Authority (IRDA) was
created following the recommendations of the Malhotra Committee report of 1994.
· The Malhotra Committee had recommended the creation of
an independent authority to oversee the regulation of the insurance industry in
India.
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