The insurance regulatory and development authority act 1999

The insurance regulatory and development authority act 1999

The act creates the insurance regulatory authority, defines the authority’s functions and establishes its funding. The act became law on Dec. 29, 1999. It includes amendments to the Insurance Act of 1938, the Life Insurance Corporation Act of 1956 and the General Insurance Business (Nationalization) Act of 1972. The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.

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