{"id":14361,"date":"2026-11-11T12:29:44","date_gmt":"2026-11-11T06:59:44","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=14361"},"modified":"2026-11-11T14:51:04","modified_gmt":"2026-11-11T09:21:04","slug":"insurance-regulatory-and-development-authority-of-india","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/insurance-regulatory-and-development-authority-of-india\/","title":{"rendered":"Insurance Regulatory and Development Authority of India (IRDAI)"},"content":{"rendered":"<h2><b>Insurance Regulatory and Development Authority of India Latest News<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to the Insurance Regulatory and Development Authority of India financial statements prepared as per Indian Accounting standards (IndAS) will be the basis for the Risk Based Capital (RBC) framework proposed for insurers in India.<\/span><\/p>\n<h2><b>About Insurance Regulatory and Development Authority of India<\/b><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">It is a <\/span><b>statutory body<\/b><span style=\"font-weight: 400;\"> formed under the <\/span><b>Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999),<\/b><span style=\"font-weight: 400;\"> for the overall supervision and development of the insurance sector in India.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">It acts under the <\/span><b>Ministry of Finance, Government of India.<\/b><\/li>\n<li><b>The main goals of IRDAI are<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">To <\/span><b>safeguard the interest of the policyholders<\/b><span style=\"font-weight: 400;\"> by fair business conduct and settlement of claims within time.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Developing and nurturing the Indian insurance industry.<\/span><\/li>\n<li><b>To regulate the business of insurance<\/b><span style=\"font-weight: 400;\"> with transparency, fairness, and honest practice.<\/span><\/li>\n<li><b>Facilitating financial prudence<\/b><span style=\"font-weight: 400;\"> of the insurers through solvency and stability checks of insurers.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">To <\/span><b>regulate premium charges<\/b><span style=\"font-weight: 400;\"> and policy terms for preventing unscrupulous pricing and unaffordability.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is responsible for registering and\/or licensing insurance, reinsurance companies, and intermediaries according to the regulations.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It sets the <\/span><b>eligibility criteria, qualifications, and capital requirements<\/b><span style=\"font-weight: 400;\"> for obtaining licenses in the insurance business.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Head Office:<\/b><span style=\"font-weight: 400;\"> Hyderabad.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Composition:<\/b><span style=\"font-weight: 400;\"> It consists of a <\/span><b>Chairman, five full-time members<\/b><span style=\"font-weight: 400;\">, and <\/span><b>four part-time members,<\/b><span style=\"font-weight: 400;\"> all appointed by the Government of India.<\/span><\/li>\n<\/ul>\n<p><b>Source:<\/b> <strong><a href=\"https:\/\/www.thehindu.com\/business\/Industry\/irdai-forms-working-groups-on-risk-based-capital-framework-convergence-with-indas\/article71687324.ece\" target=\"_blank\" rel=\"nofollow noopener\">TH<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insurance Regulatory and Development Authority of India is a statutory body formed under the Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999). Read more about Insurance Regulatory and Development Authority of India, Head Office, News.<\/p>\n","protected":false},"author":5,"featured_media":132619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1576,21,22,23],"class_list":["post-14361","post","type-post","status-publish","format-standard","has-post-thumbnail","category-upsc-prelims-current-affairs","tag-insurance-regulatory-and-development-authority-of-india","tag-prelims-pointers","tag-upsc-current-affairs","tag-upsc-prelims-current-affairs","no-featured-image-padding"],"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/14361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=14361"}],"version-history":[{"count":2,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/14361\/revisions"}],"predecessor-version":[{"id":132675,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/14361\/revisions\/132675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/132619"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=14361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=14361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=14361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}