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| Abbreviation | IRDAI |
|---|---|
| Formation | 1999 |
| Type | Regulatory Body |
| Legal status | Active |
| Headquarters | Sy No. 115/1, Financial District, Nanakramguda, Hyderabad – 500032 |
| Location | |
| Coordinates | 17°23′06″N 78°29′10″E / 17.385°N 78.486°E |
| Services | Insurance of India |
| Owner | Ministry of Finance, Government of India |
Key people | Debasish Panda, IAS (Chairperson) |
| Website | irdai.gov.in |
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous[1] and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India.[2] It was constituted by the Insurance Regulatory and Development Authority Act, 1999,[3] an Act of Parliament passed by the Government of India.[4] The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.[5]
The Insurance regulatory and Development Authority of India has directed Health Insurance providers to develop specialized policies to cater to the needs of senior citizens and also establish dedicated channels for addressing their grievances and claims. With effect from 1 April 2024, IRDAI has removed the age limit for purchasing health insurance policies.Earlier, 65 years was the age limit for buying new health insurance policies [6]
IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India.
- ^ Perappadan, Bindu Shajan. "IRDAI removes age bar for health insurance buying". The Hindu. Retrieved 21 April 2024.
- ^ "Duties, powers and functions of IRDAI". IRDAI. Archived from the original on 18 September 2016. Retrieved 18 September 2016.
- ^ GOI. "IRDA ACT 1999" (PDF). Department of Financial Services, GOI. Retrieved 19 June 2012.
- ^ "Lok Sabha passes insurance bill with 4 amendments". 02/12/1999. Rediff News. Retrieved 19 June 2012.
- ^ PTI (21 November 2001). "IRDA to shift HQ to Hyderabad by Feb". The Times of India. Archived from the original on 3 January 2013.
- ^ "Removal of age bar for health insurance". The Hindu. 21 April 2024. Retrieved 21 April 2024.