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IRDA - Insurance Regulatory Development and Authority is the statutory, independent and
apex body that governs and supervise the Insurance Industry in India.
It was constituted by Parliament of India Act called Insurance Regulatory and Development
Authority of India (IRDA of India) after the formal declaration of Insurance Laws
(Amendment) Ordinance 2014, by the President of India Pranab Mukherjee on December
26,2014.
Establishment:
o IRDA Act was passed upon the recommendations of Malhotra Committee report (7
Jan,1994), headed by Mr R.N. Malhotra (Retired Governor, RBI)
o Main Recommendations - Entrance of Private Sector Companies and Foreign
promoters & An independent regulatory authority for Insurance Sector in
India
o In April,2000, it was set up as statutory body, with its headquarters at New Delhi.
o The headquarters of the agency were shifted to Hyderabad, Telangana in 2001.
Objectives of IRDA:
The growth Performance of the insurance industry has been increased tremendously since
the establishment of IRDA in India, which supervise and controlled the entire insurance
industry. The increase in no. of insurer both in life and non-life, growth in insurance
penetration and density, increase in no. of policies issued and increase in the speed of
claims settlement and in many more aspects the IRDA is playing a prominent role in the
Indian insurance sector.
BIBLIOGRAPHY
https://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo4&mid=2
Churchill C. (ed.) (2006). “Protecting the Poor: A Micro insurance Compendium” Geneva: ILO
Dercon Stefan (2005). “Risk, Insurance and Poverty: A Review GOI. IRDA ACT 1999” GOI Retrieved 19
June 2012.
GOI IRDA ACT 1999, Department of Financial Services, GOI. Retrieved 19 June 2012
Goyal, K. (2004), “Growth of Private Insurance companies,” journal of economics, vol.3, pg no.233-241,
WWW.IRDA.com
WWW.OUTLOOKMONEY.com
WWW.INSURANCETRANSLATION.com
https://en.wikipedia.org/wiki/Reinsurance
https://business.illinois.edu/~s-darcy/fin341/2002/readings/Fin%20341%20-
%20Lecture%2021%20Reading.pdf
https://www.bankexamstoday.com/2015/09/irda-functions-news.html
http://www.eindiainsurance.com/insurance/irda.asp
https://en.wikipedia.org/wiki/Insurance_Regulatory_and_Development_Authority