Enquire Now

Blog Details

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. 

According to section 4 of the IRDAI Act 1999, Insurance Regulatory and Development Authority of India is comprised of five full-time members; four members who are part-time each selected from the Government of India.

Share:

Comments