IRDA is a statutory body which directs the Insurance Industry in India. It was set up in 2000 and was at first known as Insurance Regulatory Authority and therefore renamed as Insurance Regulatory and Development Authority.

It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and appropriately went by the Government of India.

The Headquarters of IRDA is situated at Hyderabad and the individuals from IRDA are delegated by Government of India.

Piece of Authority of IRDA

The Authority is a ten part group of

A Chairman and each other entire time part – 5 years (Maximum age is 60 years).

Five entire time individuals (Maximum age is 62 years).

Four low maintenance individuals (not over 5 years)

The elements of IRDA are:
1. Ensure the privileges of strategy holders

2. Give enlistment confirmation to life coverage organizations

3. Recharge, Modify, Cancel or Suspend this enlistment authentication as and when fitting.

4. Advancing productivity in the behavior of protection business;

5. Advancing and controlling proficient associations associated with the protection and reinsurance business

6. Managing speculation of assets by insurance agencies;

7. Mediation of debate amongst back up plans and delegates or protection middle people