Establish Date Of IRDA

Sir I want to know that what is the establishment date for the Insurance Regulatory and Development Authoritym IRDA so can you please tell me the details for the same

[Kiran Chandar]

Hey buddy the Insurance Regulatory and Development Authority of India is an autonomous apex statutory body which regulates and develops the insurance industry in India.

It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India

It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India


History of IRDA

1991: Government of India begins the economic reforms programme and financial sector reforms

1993: Committee on Reforms in the Insurance Sector, headed by Mr. R. N. Malhotra, (Retired Governor, Reserve Bank of India) set up to recommend reforms.

1994: The Malhotra Committee recommends certain reforms having studied the sector and hearing out the stakeholders


Duties of IRDA

Promoting professional organisations in insurance

Regulating and overseeing premium rates and terms of non-life insurance covers

Specifying financial reporting norms of insurance companies

Regulating investment of policyholders’ funds by insurance companies

Ensuring the maintenance of solvency margin by insurance companies

Ensuring insurance coverage in rural areas and of vulnerable sections of society

Registering and regulating insurance companies

Protecting policyholders’ interests

Licensing and establishing norms for insurance intermediaries