Why in News?
Through Sabka Bima Sabka Raksha (Amendment of Insurance Laws) Bill, 2025, the government enhanced IRDAI’s enforcement and supervisory powers, including search, seizure, disgorgement, and commission regulation, to curb mis-selling and strengthen policyholder protection.
Description:
- Established: Under the Insurance Regulatory and Development Authority Act, 1999.
- Headquarters: Hyderabad, Telangana.
- Current Chairperson: Ajay Seth
- IRDAI is the statutory regulator of the insurance and reinsurance sector in India.
- It regulates life insurance, general insurance, health insurance, and reinsurance.
- Based on: Malhotra Committee recommendations (1994).
- Ministry: Ministry of Finance
- Composition: 10-member body, Appointed by the Central Government.
- 1 Chairperson
- 5 Full-time Members
- 4 Part-time Members
Key Functions & Powers:
- Grant, renew, modify, suspend, or cancel registration of insurers and intermediaries.
- Protect policyholder interests.
- Regulate insurance intermediaries (agents, brokers, TPAs, IMFs, surveyors).
- Promote and regulate professional organisations in insurance and reinsurance.
- Adjudicate disputes between insurers and intermediaries.
Major Initiatives by IRDAI:
- Bima Sugam: An online insurance marketplace for buying, selling, and servicing insurance policies as well as settling claims. It is a part of IRDAI’s Bima Trinity – Bima Vistaar, Bima Vahak, and Bima Sugam.
- Saral Jeevan Bima: Provides basic protection to self-employed individuals or people in low-income groups.
- Integrated Grievance Management System
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