Irda Insurance Regulatory Development Authority

December 8, 2017 | Author: | Posted in Development Authority

IRDALife insurance industry is a very important part of Indian economy. Before enactment of IRDA Act 1999, Life Insurance Corporation of India (LIC) enjoyed monopoly in the country. Through an act passed in parliament LIC came into existence when around 245 insurance companies were nationalized and LIC came into existence in 1956. LIC was self regulatory organization (SRO), regulating itself, as per the provision of LIC Act. Post nationalization came the era of liberalization, when insurance industry was opened for private players. In the year 1994 former Finance Secretary and RBI Governor, Mr. R.N. Malhotra headed the Malhotra committee with an objective to evaluate the current state of insurance industry in India and recommendation on future perspective.

Insurance Regulatory Development Authority Head Office

Insurance Regulatory and Development Authority
3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004
Andhra Pradesh (INDIA )

Insurance Regulatory Development Authority Head Office Contact Number
Ph: (040) 23381100
Fax: (040) 6682 3334

Insurance Regulatory Development Authority Delhi Office

Insurance Regulatory and Development Authority
Delhi Office – Gate No. 3
Jeevan Tara Building, First Floor
Sansad Marg, New Delhi-110001

Insurance Regulatory Development Authority Delhi Office Contact Number

Ph: (011) – 2374 7648
Fax: (011) 2374 3397

IRDA Grievance Call Centre (IGCC) can be accessed through

o a toll free number 155255 for voice calls

Insurance Regulatory Development Authority Official Website

In the report it was evaluated that despite of good growth, penetration of life insurance was very low and it was confined to only middle class, where higher segments could not be impressed and lower class were never approached. Moreover, in the absence of competition there were no product innovations and we were far behind other countries. Thus, with a view that the industry should flourish and the mass should get an opportunity to secure themselves against uncertainties of life, Insurance Regulatory Development Authority (IRDA) a statutory body was incorporated in 1999. With the market opening for private companies safeguarding interest of the policyholder was the prime concern and hence, IRDA is playing a very important role in today’s term.

This National agency of Government of India has its office in Hyderabad, headed by current chairman Mr. J. Hari Narayan. Today, more than 23 life insurance companies are operating in India, which belongs to big business houses of India like: Tata, Birla, Max, Reliance, DLF, Bajaj etc. All these companies along with LIC are regulated and governed by the Insurance Regulatory Development Authority. The body keeps a hawk eye on these companies so that the interests of the policyholders are secured, always.


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