BANKING AFFAIRS

Detailed explanation-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: -The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.

Detailed explanation-3: -The Insurance Amendment Act, 2002 helps to control and direct the insurance business. It enabled periodical valuation which assisted in analyzing the financial condition of the insurance sector.

Detailed explanation-4: -The change of name was effected in the Insurance Laws (Amendment) Ordinance, 2014 was promulgated by the President of India on December 26, 2014. The ordinance contains certain amendments to the Insurance Regulation and Development Act, 1999 and inserted the words “of India†after development authority.