All you need to know about the Insurance Regulatory Devolopment Authority of India (IRDAI)

History: General Insurance in India started with the foundation of Triton Insurance Company Ltd. in Calcutta in 1850 by the British. In 1907, the Indian Mercantile Insurance Ltd, was established. This was the first company to manage all classes of general insurance business. In 1957 the General Insurance Council was established; it was a wing of the Insurance Association of India.

In 1968, the Insurance Act was altered to control investments and set minimum solvency margins. In 1972 when the General Insurance Business (Nationalisation) Act was passed, general insurance business was nationalized from 1st January, 1973. 107 insurers were merged and grouped into four companies: National Insurance Company Ltd., the Oriental Insurance Company Ltd, the New India Assurance Company Ltd., and the United India Insurance Company Ltd. The General Insurance Corporation of India was established in 1971 and it started business on January 1st 1973.

Goal: The IRDA was established as a constitutional body in April 2000. The main purpose of the IRDA includes encouragement of competition so as to improve customer satisfaction through increased consumer option and lower premiums, whilst warranting the financial security of the insurance market. The IRDA opened up the market in August 2000, and foreign companies were sanctioned ownership of up to 26%. In December 2000, the subsidiaries of the General Insurance Corporation of India were updated as independent companies and GIC was transformed into a national re-insurer. In July 2002, the parliament passed a bill de-linking the four subsidiaries from GIC.

Contact Details:

Addresses of Offices of IRDA
Head Office :
Insurance Regulatory and Development Authority
3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004
Andhra Pradesh (INDIA)
Ph: (040) 23381100
Fax: (040) 6682 3334

Delhi Office:
Insurance Regulatory and Development Authority
Delhi Office – Gate No. 3
Jeevan Tara Building, First Floor
Sansad Marg, New Delhi-110001
Ph: (011) – 2374 7648
Fax: (011) 2374 3397