In which year IRDA – Insurance Regulatory And Development Authority is established?
Regulatory and Development Authority of India!
It is the National Bureau which is been administered by the Indian Government. Established in Hyderabad and was given a birth by the act unveiled by the Parliament of India renowned as IRDA Act of 1999. In the year of 2002, the amendment of IRDA was accomplished, considering the needs of Indian Insurance Industry. As mentioned in the Act of IRDA, “To take care of the interest of the policy-holders, promote, regulate and for matters that would be joint to incidental thereto and also ensure the orderly growth of the insurance industry.” IRDA is responsible for the terms and conditions of the Indian Insurance Industry.