Insurance Regulatory and Development Authority of India
Also called: IRDAI · Topic: Statutory, Regulatory and Quasi-judicial Bodies · NCERT: Beyond NCERT
Meaning
The Insurance Regulatory and Development Authority of India (IRDAI) is the statutory regulator of the insurance sector, set up under the IRDA Act 1999. It licenses insurance companies (gives them permission to do business) and protects policyholders, the people who buy insurance. It was part of the change after 1991, when the state moved from running businesses to setting rules for them. Appeals against its orders go to the Securities Appellate Tribunal (SAT).
Example
If an insurer breaks IRDAI's rules on how it treats policyholders, IRDAI can act against it. The insurer can then appeal to SAT.
Don't confuse with
- PFRDA: PFRDA regulates pensions (the National Pension System), not insurance. Appeals against both go to SAT.
Related concepts
- Regulatory body
- Regulatory capture
- Securities and Exchange Board of India
- Telecom Regulatory Authority of India
- Competition Commission of India
- Pension Fund Regulatory and Development Authority
- Central Electricity Regulatory Commission