IRDAI allows launch of insurance products without prior approval

IRDAI allows launch of insurance products without prior approval

Subject: Polity

Section: Governance

Context: In a significant move, the Insurance Regulatory and Development Authority of India (IRDAI) has permitted general and standalone health insurers to launch products without prior approval

IRDAI

• Insurance Regulatory Development Authority (IRDA) is a statutory body set up by the IRDA Act, 1999.
• It is an autonomous and apex body which has the responsibility to regulate and control the Insurance sector in India.
• Insurance Regulatory Development Authority (IRDA) was established after the recommendations of Malhotra Committee report of 1994. The committee had recommended for the establishment of an independent authority for the regulation of Insurance sector in India.
• As per the section 4 of IRDAI Act’ 1999, Insurance Regulatory and Development Authority of India has composition of a Chairman; five whole-time members; four part-time members, all appointed by the Government of India.