Insurance Regulatory And Development Authority (IRDA) Of India

Why is it in News?

IRDAI and National Health Agency has joined hands for the Ayushman Bharat Scheme.

About IRDAI:

  • The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.
  • It was created on the recommendations of the Malhotra Committee and is headquartered at Hyderabad.
  • IRDAI was constituted by an Act of Parliament i.e. The Insurance Regulatory and Development Authority Act, 1999
  • Insurance is listed in Union List in the 7th schedule of the Indian Constitution.

Source: TH