MANAGEMENT

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.

Detailed explanation-2: -The Authority acts as the regulator of the insurance industry in India and oversees the functioning of the Life Insurance and General Insurance companies operating in the country. The main objective of the IRDA is to protect the interests of the policyholder and regulate the insurance industry.

Detailed explanation-3: -To safeguard the policyholder’s interest while ensuring a fair and just treatment. To have a fair regulation of the insurance industry while ensuring financial soundness of the applicable laws and regulations. To frame regulations periodically so that there is no ambiguity in the insurance industry.

Detailed explanation-4: -What is the Regulation of the Insurance Business in India? In India, the regulation of Insurance Business is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). The Insurance Regulatory and Development Authority of India (IRDAI) regulates the insurance industry in India.