IRDAI Explained
The Insurance Regulatory and Development Authority of India (IRDAI) is the statutory body that regulates and develops the insurance industry in India.
The Insurance Regulatory and Development Authority of India (IRDAI) is the statutory body that regulates and develops the insurance industry in India.
Mandate
IRDAI protects the interests of policyholders, regulates insurers and intermediaries, sets standards, and promotes the orderly growth of the insurance sector.
Status
It is a statutory body established under the IRDAI Act, 1999, and is headquartered in Hyderabad.
Why it matters for UPSC
IRDAI's statutory status and role as insurance regulator are commonly tested economy-governance facts.
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What does IRDAI regulate?
India's insurance sector, including insurers and intermediaries.
Is IRDAI a statutory body?
Yes, established under the IRDAI Act, 1999.