IRDA Established In Which Year

Hii sir, I Wants to get the Information About the Establishment of the The Insurance Regulatory and Development Authority ?

[pawan]

The Insurance Regulatory and Development Authority of India is an autonomous, statutary agency tasked with regulating and promoting the insurance and re-insurance industries in India.

About the Establishment

The IRDA opened up the market in August 2000 with an invitation for registration applications; foreign companies were allowed ownership up to 26 percent. The authority, with the power to frame regulations under Section 114A of the Insurance Act, 1938, has framed regulations ranging from company registrations to the protection of policyholder interests since 2000.

In December 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and the GIC was converted into a national re-insurer.

Parliament passed a bill de-linking the four subsidiaries from the GIC in July 2002. There are 28 general insurance companies, including the Export Credit Guarantee Corporation of India and the Agriculture Insurance Corporation of India,

and 24 life-insurance companies operating in the country. With banking services, insurance services add about seven percent to Indias GDP.

Function Performed by IRDA

The functions of the IRDAI are defined in Section 14 of the IRDAI Act, 1999,[2] and include:

Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations
Protecting policyholder interests
Specifying qualifications, the code of conduct and training for intermediaries and agents
Specifying the code of conduct for surveyors and loss assessors
Promoting efficiency
Promoting and regulating professional organisations connected with the insurance and re-insurance industry
Levying fees and other charges
Inspecting and investigating insurers, intermediaries and other relevant organisations
Regulating rates, advantages, terms and conditions which may be offered by insurers not covered by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938)
Specifying how books should be kept
Regulating company investment of funds
Regulating a margin of solvency