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. 2.

Detailed explanation-2: -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-3: -(1) Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. (q) exercising such other powers as may be prescribed.

Detailed explanation-4: -The following are salient features of the IRDA Act (1999): The insurance sector in India has been thrown open to the private sector. The second and third schedules of the Act provide for removal of existing corporations (or companies) to carry out the business of life and general (non-life) insurance in India.