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Insurance Regulatory and Development Authority
Regulatory body of the Government of India
Insurance Regulatory and Development Authority
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous regulatory agency and statutory body under the Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001. The Insurance Regulatory and Development Authority of India has directed health insurance providers to develop specialized policies to cater to the needs of senior citizens and also establish dedicated channels for addressing their grievances and claims. With effect from 1 April 2024, IRDAI has removed the age limit for purchasing health insurance policies. Earlier, 65 years was the age limit for buying new health insurance policies IRDAI is a 10-member body including a chairperson, and five full...
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