What is the Insurance Information Bureau of India (IIB)?

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Overview:

The Insurance Information Bureau of India (IIB) recently approached Cyberabad police stating that hackers from Russia encrypted their data through ransomware attack.

About Insurance Information Bureau of India (IIB):

  • IIB has been established by the insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) in the year 2009, as a data repository and analytics body.
  • It was registered as an independent nonprofit earning society on 21st November, 2012 under the Andhra Pradesh Societies Registration Act 2001.
  • IIB was mandated to be market neutral and provide independent and non judgmental analysis to all stakeholders.
  • It acts as the Sole Repository and Analytics Body for the entire Insurance Sector in India.
  • All the registered Insurance Companies in India are mandated to submit data under Life, Motor, Health, Fire and Other Miscellaneous lines of Insurance business to IIB.
  • It handles huge data and provides analytical insights and services to the stake holders through web services and applications.

Key facts about Insurance Regulatory and Development Authority of India (IRDAI):

  • It is an autonomous and statutory body established under the IRDA Act 1999.
  • It is the apex body that supervises and regulates the insurance sector in India.
  • Objective: To protect the interests of policyholders, to regulate, promote and ensure orderly growth of the insurance industry in India.
  • Nodal Ministry: Ministry of Finance
  • Head Office: Hyderabad.
  • Composition: IRDAI is a 10-member body- a Chairman, five full-time members, and four part-time members appointed by the Government of India.

What is a Ransomware?

  • It is a type of malware (malicious software) that locks a victim’s data or device and threatens to keep it locked—or worse—unless the victim pays a ransom to the attacker. 

 


Q1) What is the Insurance Regulatory and Development Authority of India (IRDAI)?

It is an autonomous and statutory body established under the IRDA Act 1999. It is the apex body that supervises and regulates the insurance sector in India.

Source: Russian hackers carry out ransomware attack, IIB hit