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Development Authority
IRDA is a statutory body which regulates the Insurance Industry in India. It
was set up in 2000 and was initially known as Insurance Regulatory
Authority and subsequently renamed as Insurance Regulatory and
Development Authority. The main objective of setting up IRDA was to
promote market efficiency and ensure consumer protection.
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 Headquarters of IRDA is located at Hyderabad and the members of
IRDA are appointed by Government of India.
Composition of Authority of IRDA
The Authority is a ten member team of
Levying fees and other charges for carrying out the purposes of this
Act.
Functions of IRDA
Monitor investments.