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Context: Recently, the Insurance Regulatory and Development Authority of India (IRDAI) celebrated its 25th Anniversary on April 19.
Constituted as an autonomous body in 1999 and incorporated as a statutory body in 2000
Covered under – Insurance Regulatory and Development Authority Act, 1999
Based on – Malhotra Committee recommendations.
Mandate – Supervision and regulation of the insurance sector in India
Objective – To protect the interests of policyholders, to regulate, promote and ensure orderly growth of the insurance industry in India.
Ministry – Ministry of Finance
Head Office – Hyderabad.
Composition – 10-member body with a Chairman, 5 full-time members, and 4 part-time members appointed by the Government of India.
It has framed regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests.
Integrated Grievance Management System: Streamlines the grievance redressal process.
Saral Jeevan Bima: Introduces a standard term life insurance product.
Saral Pension: Offers an immediate annuity plan.
IRDAI has lifted the age cap on purchasing health insurance policies, effective from April 1, 2024. Previously, individuals were restricted to buying new insurance policies only until the age of 65.
Bima Sugam initiative: It aims to empower all insurance stakeholders by connecting them all through a single platform.
The platform uses advanced technology to simplify processes for insurance companies, policy holders’, intermediaries, insurance repositories and external data sources etc.
It has replaced 34 regulations with six regulations to enhance clarity and coherence in the regulatory landscape.
Mandatory e-insurance: IRDAI mandated the digitisation of insurance policies across all categories to streamline processes, enhance efficiency, and improve accessibility for policyholders.
IRDAI has decreased the health insurance waiting period from 48 months to 36 months.
The waiting period refers to the duration during which policyholders are not eligible to claim benefits for any pre-existing health conditions they might have during the purchase of the insurance policy.
Over the past two decades, IRDAI has played a pivotal role in fostering innovation, safeguarding consumer interests, and propelling industry advancement.
It has revolutionized the sector by actively engaging with policyholders and prioritizing their well-being with its unwavering commitment to excellence and regulatory standards.
By: Shubham Tiwari ProfileResourcesReport error
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