INSURANCE REGULATORY &

DEVELOPMENT AUTHORITY (IRDA)

Insurance Regulatory & Development Authority is the controlling and

regulatory apex body in the country for insurance sector and its chairman and

members are appointed by government of India. IRDA’s HQ is located at

Hyderabad.
 COMPOSITION OF AUTHORITY
• 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
The authority is a ten member team consisting of
(a) a chairman;
(b) five whole-time members;
(c) four part-time members,(all appointed by the government of India)
 FEATURES OF IRDA
• The insurance sector in India has been thrown open to the private sector.
• In the non life sector, IRDA would give preference to companies providing
health insurance.
• All the powers presently exercised under the insurance act 1938 by the
controller of insurance (COI) will be transferred to the IRDA
• The act gives statutory status for the interim insurance regulatory
authority(IRA).Set up by the central government through a resolution
passed in Jan 1996
• On foreign promoters, the maximum of 26 percent will always be
operational. They will thus be unable to hold any equity beyond this
ceiling at any stage.
 DUTIES/POWERS/FUNCTIONS
• REGISTRATION
• PROTECTION
• QUALIFICATION
• CODE OF CONDUCT
• EFFICIENCY
• FEES
• INFORMATION
• TERMS OF BUSINESS
• BOOKS OF ACCOUNTS