BANKING AFFAIRS

Detailed explanation-1: -1. Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India.

Detailed explanation-2: -1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

Detailed explanation-3: -IRDAI is the Insurance Regulatory and Development Authority of India. It was established on 19th April 2000 with an aim to regulate the insurance industry in India. The IRDAI is an autonomous body and has its headquarters in Hyderabad, Telangana.

Detailed explanation-4: -Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April 2000.