CURRENT AFFAIRS

Detailed explanation-1: -The Life insurance industry registered a premium income of Rs 5.73 lakh crore in 2019-20 as against Rs 5.08 lakh crore a year back, posting a growth of 12.75 per cent, the 2020 annual report of the Insurance Regulatory and Development Authority of India (Irdai) shows.

Detailed explanation-2: -An interim body called Insurance Regulatory Authority was set up in 1996. In the year 1999 Insurance Regulatory and Development Authority (IRDA) Act was passed and on April 19th 2000, Insurance Regulatory and Development Authority (IRDA) of India received autonomous status.

Detailed explanation-3: -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-4: -The General Insurance Corporation of India (GICI) was founded in 1971 and began operations on January 1, 1973. General Insurance Corporation was formed by S. 9(1) of the GIBNA and was incorporated on the 22nd of November 1972 under the Companies Act,1956. It was declared a private company limited by shares.