write a note on Insurance Regulatory and Development Authority.
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1. Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India.
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The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.[1] It was constituted by the Insurance Regulatory and Development Authority Act, 1999,[2] an Act of Parliament passed by the Government of India.[3] The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.[4]
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