The Insurance Regulatory and Development Authority of India ( IRDAI ) is an autonomous and statutory body under the Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. [1] . The short form IRDAI stands for Insurance Regulatory and Development Authority of India . It is an autonomous, statutory organisation created by the Indian government through the IRDA Act of 1999. Structure of IRDAI According to Section 4 of the Insurance Regulatory and Development Authority of India Act 1999, the IRDAI constituted by an act of Parliament, specified the following structure of the Authority. It is a 10-member institution consisting of a Chairman, Five Full -time Members, and Four Part-time Members. Besides, all the members of the IRDAI are appointed by the government of India. Check the best GK Notes for Bank Exams here! Check your Banking Knowledge with our Free Live ... What does IRDAI mean? Insurance Regulatory and Development Authority of India ( IRDAI ) is an autonomous agency that governs and regulates insurance industry in India.
