For regulating and promoting the insurance and reinsurance industries in our nation Insurance Regulatory and Development Authority has been organized. It had been deep-rooted by the Insurance restrictive and Development Authority Act, 1999, associate degree Act which was passed by the Government of India.
The agency's headquarters are situated in Hyderabad, Telangana, wherever it moved from Old Delhi in 2001.
This authority has a 10-member body as well as the chairman, 5 full-time and 4 part-time members appointed by the govt. of the Republic of India.