CURRENT AFFAIRS

Detailed explanation-1: -The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 15-member committee to look into various needs in the health insurance sector for ease of doing business and better services to customers.

Detailed explanation-2: -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-3: -The Malhotra Committee recommended introduction of a concept of professionalisation in the insurance sector to make out a strong case for paving the way for foreign capital. In its report submitted in 1994, the committee recommended, among other things, that: Private players be included in the insurance sector.

Detailed explanation-4: -In 1993, the Central Government formed Malhotra Committee to bring reforms in the insurance sector.

Detailed explanation-5: -Following the recommendations of the Malhotra Committee, in 1999 the Insurance Regulatory and Development Authority (IRDA) was constituted to regulate and develop the insurance industry and was incorporated in April 2000.