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The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous [1] and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. [ 2 ]
The Insurance Institute of India (III) is the sole national apex body for insurance underwriters in India, established in 1955 in Mumbai.The institute, formerly known as Federation of Insurance Institutes (J.C. Setalvad Memorial) (Regd.), was created for the purpose of promoting insurance education and training in India. [1]
Following is the list of insurance companies in India which have been approved by the Insurance Regulatory and Development Authority of India (IRDAI) which is a statutory body regulating and promoting the insurance and reinsurance industries in India.There are three types of Insurance Companies in India which are as given below:
The IBAI is the sole representative body of licenesed insurance brokers recognised by the Insurance Regulatory and Development Authority of India (IRDAI). [3] As per the Insurance Brokers' Regulations 2002 issued by IRDAI and as amended from time to time (last amended in 2018) it is mandatory for all licensed Brokers to be member of IBAI.
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The primary regulator for insurance in India is the Insurance Regulatory and Development Authority of India (IRDAI) which was established in 1999 under the government legislation called the Insurance Regulatory and Development Authority Act, 1999. [10] [11]
The Insurance Repository in India is a database of insurance policies.It allows policy holders to make revisions to a policy. It launched on 16 September 2013. It is the world's first of its kind.
The company got incorporated as a public limited company in Mumbai on 11 October 2000 and received Certificate of Commencement of Business from the RoC on 20 November 2000 and got registered with the IRDAI for carrying out business of life insurance on 29 March 2001. [6]