IRDAI
| Aspect | Details |
|---|---|
| Statutory Basis | IRDAI Act, 1999 (Parliamentary legislation) |
| Ministry | Finance Ministry (autonomous body) |
| Headquarters | Hyderabad |
| Composition | Chairman + 5 full-time + 4 part-time members (GoI-appointed) |
| Core Mandate | Regulate & develop India’s insurance sector; protect policyholders |
Key Functions & Responsibilities
- Policyholder Safeguards:
- Ensure fair claim settlements, policy transparency, and ethical conduct.
- Regulate policy terms, premiums, and surrender values.
- Industry Development:
- Grant licenses to insurers/reinsurers/intermediaries (brokers, agents, TPAs).
- Set capital requirements, solvency norms, and financial reporting standards.
- Inclusive Growth:
- Mandate insurance coverage in rural areas and for vulnerable groups.
- Oversight:
- Conduct audits, inspections, and investigations of insurers/intermediaries.
- Approve new insurance products.
Regulated Entities
| Category | Examples |
|---|---|
| Life Insurers | LIC, HDFC Life, SBI Life |
| General Insurers | ICICI Lombard, New India Assurance |
| Standalone Health Insurers | Star Health, Niva Bupa |
| Reinsurers | GIC Re |
| Intermediaries | Brokers, Corporate Agents, TPAs, Surveyors |
Recent Initiatives (2023-24)
- Bima Sugam: Unified digital platform for policy purchases/claims.
- Bima Vahak: Women-centric distribution network for rural coverage.
- Risk-Based Capital (RBC) Framework: Enhanced solvency norms (2023).