Insurance Regulatory and Development Authority
|Insurance Regulatory and Development Authority
(बीमा विनियामक और विकास प्राधिकरण)
|Headquarters||3rd Floor, Parisrama Bhavan, Basheer Bagh, Hyderabad, Andhra Pradesh
Pin Code: 500 004
|Chairman, IRDA||TS Vijayan|
Insurance Regulatory and Development Authority (IRDA) 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. 
The agency operates its headquarters at Hyderabad, Andhra Pradesh where it shifted from Delhi in 2001.  The Insurance regulatory and Development Authority (IRDA), batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the sector from the present 26 per cent.
“I am in favour of hike in the FDI limit for the insurance sector. Unless we go for 49 per cent, we will not have the kind of capital required to underpin the growth of the industry. This sector requires a lot of money,’’ IRDA Chairman J. Hari Narayan(till feb,2013) said on the sidelines of a summit here.
The Insurance Laws (Amendment) Bill has been pending before Parliament for about four years as there has been no consensus among political parties on the issue of raising the FDI limit to 49 per cent. Coming under pressure from its allies, the UPA II government, in May this year, had postponed a decision on raising the FDI limit in the sector to 49 per cent. The FDI limit in this sector was raised to 49% in July 2013.§
Earlier, Mr. Hari Narayan said the IRDA would develop ten standard products in consultation with industry bodies which could be launched by insurance companies without seeking the regulatory nod. “We will have to work closely with the Life Insurance Council and the General Insurance Council to see if we can develop such products,’’ he added.
The insurance regulator said the persistence level was very low in the industry and there was a need to bring in complete understanding of the market and insurance companies. The persistence level refers to client retention by insurance companies. He said `Use and File’ would not be in the general interest of the policy-holders since the persistence ratio was high. Recently the Finance Minister of India announced the setting of insurance repository system. An Insurance Repository is a facility to help policy holders buy and keep insurance policies in electronic form, rather than as a paper document. Insurance Repositories, like Share Depositories or Mutual Fund Transfer Agencies, will hold electronic records of insurance policies issued to individuals and such policies are called “electronic policies” or “e Policies”.
The IRDA Act, 1999 was passed as per the major recommendation of the Malhotra Committee report (1994) which recommended establishment of an independent regulatory authority for insurance sector in India. Later, It was incorporated as a statutory body in April, 2000. The IRDA Act, 1999 also allows private players to enter the insurance sector in India besides a maximum foreign equity of 26 per cent in a private insurance company having operations in India. The FDI limit in insurance sector was raised to 49% in July 2013. It serves as an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith. IRDA role  is to protect rights of policy holders & they provides registration certification to life insurance companies & responsible for renewal, modification, cancellation & suspension of this registered certificate.
'==OrganizatBold textional structure== IRDA is a ten member body consisting of:
- A Chairman,
- Five whole-time members and
- Four part-time members.
- GOI. "IRDA ACT 1999". GOI. Retrieved 19 June 2012.
- GOI. "IRDA ACT 1999". Department of Financial Services, GOI. Retrieved 19 June 2012.
- "Lok Sabha passes insurance bill with 4 amendments". 02/12/1999. Rediff News. Retrieved 19 June 2012.
- PTI (Nov 21, 2001, 12.39pm IST). "IRDA to shift HQ to Hyderabad by Feb". The Times of India. Retrieved June 20, 2012.
- IRDA role
- "Composition of Authority". Insurance Regulatory and Development Authority. Retrieved 18 December 2012.
- Insurance Regulatory & Development Authority
- To Take online mock test for IRDA Exams (Insurance Agent Exam)