IRDAI Regulations: Insurance Regulatory Authority#
What is IRDAI?#
The Insurance Regulatory and Development Authority of India (IRDAI) is the regulator for the insurance sector in India.
Functions of IRDAI#
- Protect policyholder interests
- Promote insurance sector growth
- Register and regulate insurance companies
- Frame guidelines for insurance products
- Ensure consumer protection
Key Insurance Laws#
| Act | Purpose |
|---|---|
| Insurance Act, 1938 | Principal insurance law |
| IRDA Act, 1999 | Establishes IRDAI |
| Insurance Laws Amendment Act | Recent amendments |
IRDAI Regulations#
- Licensing regulations
- Product regulations
- Investment regulations
- Claims settlement regulations
- Agent licensing
Registration Requirements#
- Minimum capital for life insurers: ₹100 crore
- Minimum capital for general insurers: ₹150 crore
- Solvency margin: 1.5
- Registration from IRDAI mandatory
Policyholder Protection#
- Grievance redressal mechanism
- Insurance ombudsman
- Cooling-off period (15 days)
- Free look period for online policies