About IRDAI

Name: Insurance Regulatory and Development Authority of India (IRDAI)
Establishment: 1999 (Insurance Regulatory and Development Authority Act, 1999)
Headquarters: Hyderabad, Telangana
(First was Delhi, in 2001 shifted to Hyderabad, Telangana)
Chairman: T.S.Vijyan

FDI in Insurance Sector: 100%

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body tasked with the regulation and promotin of the insurance and Re-insurance industries in India. It was constituted by an Act of Parliament called the Insurance Regulatory and Development Authority Act, 1999 , duly passed by the Government of India.
The agency operates from its headquarters at Hyderabad , Telangana where it shifted from Delhi  in 2001.

MEMBERS OF IRDAI

Chairman: T.S. Vijayan
Whole-time members: P.J. Joseph, Nilesh Sathe, V.R. Iyer, Pournima Gupte, D.D. Singh

FUNCTIONS OF IRDAI

● Issuing, renewal, modification, withdrawal, suspension or cancellation of registrations;
● Protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;
● Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents specifying the code of conduct for surveyors and loss assessors;
● Promoting efficiency in the conduct of insurance business;
● Promoting and regulating professional organisations connected with the insurance and re-insurance business.