Insurance Regulatory and Development Authority
Abbreviation | IRDAI |
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Headquarters | 3rd Floor, Parisrama Bhavan, Basheer Bagh, Hyderabad, Telangana |
Location | |
Coordinates | 17°23′06″N 78°29′10″E / 17.385°N 78.486°ECoordinates: 17°23′06″N 78°29′10″E / 17.385°N 78.486°E |
Chairman, IRDA | T.S. Vijayan[1] |
Website |
irda |
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 [2][3] and duly passed by the Government of India.[4]
The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001.[5]
IRDA batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the insurance sector from the erstwhile 26 per cent.[6] The FDI limit in insurance sector was raised to 49% in July 2014.[7]
History of insurance in India | |
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Organizational structure or 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.[8] IRDAI is a ten-member body consisting of:[8]
- A Chairman,-(T.S. Vijayan)
- Five whole-time members,-(R.K. Nair,M. Ram Prasad,S. Roy Chowdhary,D.D. Singh)
- Four part-time members,-(Anup Wadhawan,S.B. Mathur,Prof. V.K.Gupta,CA. Subodh Kr. Agarwal)
All members are appointed by the Government of India.[8]
Insurance Repository
Recently the Finance Minister of India announced the setting of insurance repository system. An Insurance Repository is a facility to help policy holders buy and keep insurance policies in electronic form, rather than as a paper document. Insurance Repositories, like Share Depositories or mutual fund Transfer Agencies, will hold electronic records of insurance policies issued to individuals and such policies are called "electronic policies" or "e Policies", e.g. CDSL Insurance Repository Limited ( CDSL IR )
Career
Insurance Regulatory and Development Authority of India (IRDA).Name of post is Junior Officer, it is highly paid job. Eligibility of irda is first class in graduation and age criteria is 21 to 30.application form comes in January and examination conducts in February. the exam conducts in 3 phases. Phase 1 is Online Preliminary Objective, Test Phase 2 is Computer based Descriptive Test Phase 3 is Interview. basically quantitative , reasoning general awareness and English language. [9]
See also
- Insurance Repository in India
- List of insurance companies in India
- Insurance in India
- Insurance policy
- Insurance fraud
- Insurance
References
- ↑ "Press Release". IRDA. 21 February 2013.
- ↑ GOI. "IRDA ACT 1999". GOI. Retrieved 19 June 2012.
- ↑ GOI. "IRDA ACT 1999" (PDF). Department of Financial Services, GOI. Retrieved 19 June 2012.
- ↑ "Lok Sabha passes insurance bill with 4 amendments". 02/12/1999. Rediff News. Retrieved 19 June 2012.
- ↑ PTI (Nov 21, 2001). "IRDA to shift HQ to Hyderabad by Feb". The Times of India.
- ↑ "IRDA chief bats for 49 per cent FDI". The Hindu. 4 October 2012. Retrieved 14 December 2013.
- ↑ "Govt allows 100% FDI in telecom, hikes insurance cap to 49%". Times of India. 16 July 2013. Retrieved 14 December 2013.
- 1 2 3 "Composition of Authority". Insurance Regulatory and Development Authority. Retrieved 18 December 2012.
- ↑ "IRDA Recruitment".
Term Policy which company introduced
External links
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