- About IRDAI
- Genesis: Formed based on Malhotra Committee recommendations.
- Constituted as an autonomous body in 1999 and incorporated as a statutory body in 2000 (Under Insurance Regulatory and Development Authority Act, 1999).
- Objectives: speedy and orderly growth of insurance industry, speedy settlement of genuine claims, effective grievance redressal mechanism, etc.
- Ministry: Ministry of Finance
- Duties and Responsibilities
- Certify insurance companies.
- Protect the interest of the policyholders.
- Adjudication of disputes.
- Genesis: Formed based on Malhotra Committee recommendations.
- Significance of IRDAI in transforming the Insurance sector
- Growth:
- Insurance penetration (percentage of insurance premium to GDP) at 4.2% in 2021-22 compared to 2.71% in 2001-02.
- Insurance Density (ratio of premium to population) at $91 in 2021-22 compared to $11.5 in 2001-02.
- Increased Employment: new intermediaries have started operating in the market, like Corporate agents, Bancassurance (selling insurance products through banks), on-line sales, etc.
- Modernization: The digital transformation accelerated by the authority’s guidance on e-KYC, paperless policies, digital payments, etc.
- Growth:
Initiatives of IRDAI
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