IRDA renamed to Insurance Regulatory and Development Authority of India

Insurance Regulatory and Development Authority (IRDA) was renamed as Insurance Regulatory and Development Authority of India on 30 December 2014. The change in name came in to effect after the promulgation of Insurance Laws (Amendment) Ordinance, 2014, by the President of India on 26 December 2014.

The amendment was done to the Insurance Regulation and Development Act, 1999 by inserting the words India after Development Authority in Section 105 of the Ordinance amends section 2 (1)(b) of the IRDA Act.

About IRDA
Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body. It regulates and develops the insurance industry in India.
It was constituted by Parliament of India vide Insurance Regulatory and Development Authority Act, 1999.

Insurance Regulatory and Development Authority of India (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999  and duly passed by the Government of India.

The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001. IRDA batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the insurance sector from the erstwhile 26 per cent. The FDI limit in insurance sector was raised to 49% in July 2014.

(Visited 32 times, 1 visits today)
About Haja

Software Engineer by profession, Author and the Founder of "bench3" you can connect with me on Twitter , Facebook and also on Google+

Speak Your Mind

*