Insurance Regulatory and Development Authority of India (IRDAI)

IRDAI is a statutory body established under the IRDAI Act, 1999, to regulate, promote, and ensure the orderly growth of the insurance sector in India. Read more about Insurance Regulatory and Development Authority of India, Head Office, News

insurance-regulatory-and-development-authority-of-india

Insurance Regulatory and Development Authority of India

The Insurance Regulatory and Development Authority of India (IRDAI) recently constituted panels of its whole-time members to decide on the violations by certain insurers/insurance intermediaries.

About Insurance Regulatory and Development Authority of India

  • It is a statutory body formed under an Act of Parliament, i.e., the Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999), for the overall supervision and development of the insurance sector in India.
  • It acts as an autonomous authority under the Ministry of Finance, Government of India.
  • The main goals of IRDAI are:
    • To safeguard the interest of the policyholders by fair business conduct and settlement of claims within time.
    • Developing and nurturing the Indian insurance industry.
    • To regulate the business of insurance with transparency, fairness, and honest practice.
    • Facilitating financial prudence of the insurers through solvency and stability checks of insurers.
    • To regulate premium charges and policy terms for preventing unscrupulous pricing and unaffordability.
  • It is responsible for registering and/or licensing insurance, reinsurance companies, and intermediaries according to the regulations. 
  • It sets the eligibility criteria, qualifications, and capital requirements for obtaining licenses in the insurance business.
  • Head Office: Hyderabad
  • Entities regulated by IRDAI:
    • Life Insurance Companies: Both public and private sector companies
    • General Insurance Companies: Both public and private sector companies. Among them, there are some standalone health insurance companies which offer health insurance policies.
    • Re-Insurance Companies
    • Agency Channel
    • Intermediaries, which include the following:
      • Corporate Agents
      • Brokers
      • Third-party Administrators
      • Surveyors and Loss Assessors.
  • Composition: It consists of a Chairman, five full-time members, and four part-time members, all appointed by the Government of India.
  • To protect the interests of policyholders, the IRDAI was granted significant responsibilities, including
    • Efficiently conducting the insurance business and protecting the interests of the policyholders in matters concerning assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claims, surrender value of the policy, and other terms and conditions of contracts of insurance.
    • Approving product terms and conditions offered by various insurers.
    • Regulating the investment of funds by insurance companies and maintaining a margin of solvency.
    • Specifying the financial reporting norms of insurance companies.
    • Specify code of conduct, qualifications, and training for intermediary or insurance agents.
    • Undertaking inspections, calling for information, and investigations, including an audit of insurance companies, intermediaries, and other organizations associated with the insurance business.
    • Ensuring insurance coverage is provided in rural areas and also to the vulnerable sections of society.

Source: TH

Latest UPSC Exam 2025 Updates

Last updated on July, 2025

UPSC Notification 2025 was released on 22nd January 2025.

UPSC Prelims Result 2025 is out now for the CSE held on 25 May 2025.

UPSC Prelims Question Paper 2025 and Unofficial Prelims Answer Key 2025  are available now.

UPSC Calendar 2026 is released on 15th May, 2025.

→ The UPSC Vacancy 2025 were released 1129, out of which 979 were for UPSC CSE and remaining 150 are for UPSC IFoS.

UPSC Mains 2025 will be conducted on 22nd August 2025.

UPSC Prelims 2026 will be conducted on 24th May, 2026 & UPSC Mains 2026 will be conducted on 21st August 2026.

→ The UPSC Selection Process is of 3 stages-Prelims, Mains and Interview.

UPSC Result 2024 is released with latest UPSC Marksheet 2024. Check Now!

UPSC Toppers List 2024 is released now. Shakti Dubey is UPSC AIR 1 2024 Topper.

→ Also check Best IAS Coaching in Delhi

Insurance Regulatory and Development Authority of India FAQs

Q1. Under which Act was the Insurance Regulatory and Development Authority of India (IRDAI) established?+

Q2. Where is the headquarters of IRDAI located?+

Q3. What is the primary objective of IRDAI?+

Q4. IRDAI operates under which ministry?+

Tags: insurance regulatory and development authority of india Prelims Pointers upsc current affairs upsc prelims current affairs

Vajiram Editor
Vajiram Editor
UPSC GS Course 2026
UPSC GS Course 2026
₹1,75,000
Enroll Now
GS Foundation Course 2 Yrs
GS Foundation Course 2 Yrs
₹2,45,000
Enroll Now
Prelims PowerupTest Series
Prelims PowerupTest Series
₹13000
Enroll Now
UPSC Mains Test Series
UPSC Mains Test Series
₹16000
Enroll Now
UPSC Mentorship Program
UPSC Mentorship Program
₹85000
Enroll Now
Enquire Now