Insurance Regulatory and Development Authority

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Insurance Regulatory and Development Authority
(बीमा विनियामक और विकास प्राधिकरण)
IRDA Logo
Abbreviation IRDA
Headquarters 3rd Floor, Parisrama Bhavan, Basheer Bagh, Hyderabad, Telangana
Location
Coordinates 17°23′06″N 78°29′10″E / 17.385°N 78.486°E / 17.385; 78.486Coordinates: 17°23′06″N 78°29′10″E / 17.385°N 78.486°E / 17.385; 78.486
Chairman, IRDA T.S. Vijayan[1]
Website irda.gov.in

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 [2][3] and duly passed by the Government of India.[4]

The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001.[5]

IRDA batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the insurance sector from the erstwhile 26 per cent.[6] The FDI limit in insurance sector was raised to 49% in July 2014.[7]

History[edit]

The IRDA Act, 1999 was passed as per the major recommendation of the Malhotra Committee report (7 jan,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 Insurance Bill proposes to raise the FDI limit in insurance sector to 49%. Proposed by UPA government in July 2013, it is still pending discussion in Rajya Sabha. 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 [8] is to protect rights of policy holders & they provide registration certification to life insurance companies & responsible for renewal, modification, cancellation & suspension of this registered certificate.

Organizational structure or Composition of Authority[edit]

As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which was constituted by an act of parliament) specify the composition of Authority.[9] IRDA is a ten member body consisting of:[9]

  • A Chairman,-(T.S. Vijayan)
  • Four whole-time members,-(R.K. Nair,M. Ram Prasad,S. Roy Chowdhary,D.D. Singh)
  • Four part-time members,-(Anup Wadhawan,S.B. Mathur,Prof. V.K.Gupta,CA. Subodh Kr. Agarwal)

All members are appointed by the Government of India.[9]

Insurance Repository[edit]

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”.

See also[edit]

References[edit]

  1. ^ "Press Release". IRDA. 21 February 2013. Retrieved 15 December 2013. 
  2. ^ GOI. "IRDA ACT 1999". GOI. Retrieved 19 June 2012. 
  3. ^ GOI. "IRDA ACT 1999". Department of Financial Services, GOI. Retrieved 19 June 2012. 
  4. ^ "Lok Sabha passes insurance bill with 4 amendments". 02/12/1999. Rediff News. Retrieved 19 June 2012. 
  5. ^ PTI (Nov 21, 2001). "IRDA to shift HQ to Hyderabad by Feb". The Times of India. Retrieved June 20, 2012. 
  6. ^ "IRDA chief bats for 49 per cent FDI". The Hindu. 4 October 2012. Retrieved 14 December 2013. 
  7. ^ "Govt allows 100% FDI in telecom, hikes insurance cap to 49%". Times of India. 16 July 2013. Retrieved 14 December 2013. 
  8. ^ IRDA role
  9. ^ a b c "Composition of Authority". Insurance Regulatory and Development Authority. Retrieved 18 December 2012. 

Term Policy which company introduced

External links[edit]