BANKING AFFAIRS

Detailed explanation-1: -All the major activities of IRDAI including ensuring financial stability of insurers and monitoring market conduct of various regulated entities is carried out from the Head Office.

Detailed explanation-2: -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.

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: -The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous regulatory body that protects the interests of the policyholder. They oversee the growth of the insurance sector in India, the requirements that different types of insurance policies project, and help maintain a speedy development.

Detailed explanation-5: -It sets rules and regulations for the functioning of the insurance industry. Its sole purpose is to protect the interest of policyholders and to develop the industry on the whole. The IRDA or IRDAI regularly issues advisories to insurance companies in case of changes to the rules and regulations.