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: -IRDA is the regulatory body in India that governs both Life insurance and General insurance companies.

Detailed explanation-3: -IRDA stands for Insurance Regulatory and Development Authority which is an autonomous, statuary body that regulated and promoted the insurance and reinsurance industries in India.

Detailed explanation-4: -1) The full form of IRDA is Insurance Regulatory and Development Authority of India. It is an entity owned by the India Government; it controls India’s insurance industry.