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The Insurance Regulatory and Development Authority of India (IRDAI) today has completed 24 years of excellence. The insurance regulator was established on the 19th April, 2000 with an aim to regulate the insurance industry in India. This day is also celebrated as the Insurance Awareness Day.

The IRDAI has been empowered under Section 114A of the Insurance Act, 1938, to frame regulations. These regulations cover a wide spectrum, from the registration of companies for conducting insurance operations to safeguarding the interests of policyholders.

Initially, IRDAI started as a statutory body monitoring competition to amplify customer satisfaction by offering more options and reducing premiums, guaranteeing the financial soundness of insurers, overseeing the market conduct of regulated entities, and furnishing essential support services all while safeguarding the financial stability of the insurance sector.ย However, today the IRDAI undertakes a wide array of functions relating to the insurance sector.

Presently, the IRDAI regulates Life Insurance Companies, General Insurance Companies, Re-Insurance Companies, Agency Channel and Intermediaries such as Corporate Agents, Third Party Administrators, Surveyors and Loss Assessors, Brokers etc.

The IRDAI works closely with the Indian government and other regulators like the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The insurance industry is a significant contributor to the countryโ€™s growing economy. In coordination with the banking industry, the insurance industry contributes approximately 7% to the GDP. A diverse and robust insurance sector not only fuels economic growth but also furnishes vital long-term capital for infrastructure projects while bolster the risk-taking ability of the country.

IRDAI has come a long way from late 2000โ€™s to the present-day insurance market. Recently, IRDAI has also committed to enable โ€˜Insurance for Allโ€™ by 2047, where every citizen has an appropriate life, health and property insurance cover and every enterprise is supported by appropriate insurance solutions and also to make Indian insurance sector globally attractive.

Readers are welcome to send their views to Regstreet Law Advisors at info@regstreetlaw.com

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