Insurance Regulatory and Development Authority of India (IRDAI) celebrated its 25th Anniversary | Current Affairs | Vision IAS
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    Insurance Regulatory and Development Authority of India (IRDAI) celebrated its 25th Anniversary

    Posted 20 Apr 2024

    1 min read

    • About IRDAI
      • Genesis: Formed based on Malhotra Committee recommendations.
        • Constituted as an autonomous body in 1999 and incorporated as a statutory body in 2000 (Under Insurance Regulatory and Development Authority Act, 1999).
      • Objectives: speedy and orderly growth of insurance industry, speedy settlement of genuine claims, effective grievance redressal mechanism, etc.
      • Ministry: Ministry of Finance
      • Duties and Responsibilities
        • Certify insurance companies.
        • Protect the interest of the policyholders.
        • Adjudication of disputes.

     

    • Significance of IRDAI in transforming the Insurance sector
      • Growth:
        • Insurance penetration (percentage of insurance premium to GDP) at 4.2% in 2021-22 compared to 2.71% in 2001-02.
        • Insurance Density (ratio of premium to population) at $91 in 2021-22 compared to $11.5 in 2001-02.
      • Increased Employment: new intermediaries have started operating in the market, like Corporate agents, Bancassurance (selling insurance products through banks), on-line sales, etc.
      • Modernization: The digital transformation  accelerated by the authority’s guidance on e-KYC, paperless policies, digital payments, etc.

     

    Initiatives of IRDAI

    • Integrated Grievance Management System
    • Saral Jeevan Bima: a standard term life insurance product
    • Saral Pension: an immediate annuity plan
    • Bima Sugam: one stop digital platform
    • Tags :
    • IRDAI
    • Insurance Sector
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