IRDA means ‘INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY’.

It is the statutory, independent and apex body that governs and supervise the Insurance Industry in India.

IRDA Act was passed upon the recommendations of Malhotra Committee report (7 Jan,1994), headed by Mr R.N. Malhotra (Retired Governor, RBI)

In April,2000, it was set up as statutory body, with its headquarters at New Delhi.

The headquarters of the agency were shifted to Hyderabad, Telangana in 2001.

Organisational Setup of IRDA:
IRDA is a ten member body consists of :
One Chairman (For 5 Years & Maximum Age - 60 years )
Five whole-time Members (For 5 Years and Maximum Age- 62 years)
Four part-time Members (Not more than 5 years)
The chairman and members of IRDAI are appointed by Government of India.

The present Chairman of IRDAI is Mr T.S Vijayan.

Here I am providing information about INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA ACT, 1999 for your reference:

CHAPTER I
PRELIMINARY

1. SHORT TITLE, EXTENT AND COMMENCEMENT.---(1) This Act may be called the Insurance Regulatory and Development Authority of India Act, 1999.
(2) It extends to the whole of India.
(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint:
Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

2. DEFINITIONS.--- (1) In this Act, unless the context otherwise requires, -
(a) "appointed day" means the date on which the Authority is established under sub-section (1) of section 3;
(b) "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3;
(c) "Chairperson" means the Chairperson of the Authority;
(d) "Fund" means the Insurance Regulatory and Development Authority of India Fund constituted under sub-section (1) of section 16;
(e) "Interim Insurance Regulatory Authority" means the Insurance Regulatory Authority set up by the Central Government through Resolution No.17(2)/94-Ins-V, dated the 23rd January, 1996;
(f) "intermediary or insurance intermediary" includes insurance brokers, reinsurance brokers, insurance consultants, surveyors and loss assessors;
(g) "member" means a whole time or a part time member of the Authority and includes the Chairperson;
(h) "notification" means a notification published in the Official Gazette;
(i) "prescribed" means prescribed by rules made under this Act;
(j) "regulations" means the regulations made by the Authority.
(2) Words and expressions used and not defined in this Act but defined in the Insurance Act, 1938 (4 of 1938) or the Life Insurance Corporation Act, 1956 (31 of 1956) or the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) shall have the meanings respectively assigned to them in those Acts.

CHAPTER II
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
3. ESTABLISHMENT AND INCORPORATION OF AUTHORITY.-- (1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, an Authority to be called "the Insurance Regulatory and Development Authority".
(2) The Authority shall be a body corporate by the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued.
(3) The head office of the Authority shall be at such place as the Central Government may decide from time to time.
(4) The Authority may establish offices at other places in India.

4. COMPOSITION OF AUTHORITY.--- The Authority shall consist of the following members, namely:-
(a) a Chairperson;
(b) not more than five whole-time members;
(c) not more than four part-time members,
to be appointed by the Central Government from amongst persons of ability, integrity and standing who have knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration or any other discipline which would, in the opinion of the Central Government, be useful to the Authority:
Provided that the Central Government shall, while appointing the Chairperson and the whole-time members, ensure that at least one person each is a person having knowledge or experience in life insurance, general insurance or actuarial science, respectively.

5. TENURE OF OFFICE OF CHAIRPERSON AND OTHER MEMBERS.--(1) The Chairperson and every other whole-time member shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment:
Provided that no person shall hold office as a Chairperson after he has attained the age of sixty-five years:
Provided further that no person shall hold office as a whole-time member after he has attained the age of sixty-two years.
(2) A part-time member shall hold office for a term not exceeding five years from the date on which he enters upon his office.
(3) Notwithstanding anything contained in sub-section (1) or sub-section (2), a member may -
(a) relinquish his office by giving in writing to the Central Government notice of not less than three months; or
(b) be removed from his office in accordance with the provisions of section

Attached Files

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA ACT, 1999.pdf (141.9 KB, 230 views)