Insurance Concepts and IRDA [Insurance Regulatory and Development Authority] - Composition of IRDA

Composition of IRDA

The composition of IRDA (Insurance Regulatory and Development Authority), under section 4 of IRDA Act, 1999, signifies Authority.

The Authority is a 10 member team who are appointed by the government of India. This 10 member team comprises of the following members:

(a) Chairman

(b) five whole-time members

(c) four part-time members

The IRDA regulations are enacted under the guidance of a statutory Advisory Committee.

Main Activities of IRDA

The main activities of IRDA can be grouped into the categories as enlisted below:

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a) General

b) Intermediaries

c) Acturial

d) Administration & Operations

e) Financial Analysis

f) Analytical Research