IRDA is the Insurance Regulatory and Development Authority. They are the regulators of all insurance companies. In short, what the Reserve Bank of India or the RBI is to banks, IRDA is to Insurance Companies. IRDA regulates both Life and Non-Life Insurance. All guidelines pertaining to the functioning of the insurance industry are laid down by IRDA.
IRDA is basically a national agency based in Hyderabad. It was formed by the act of Parliament called the IRDA Act 1999, which was later amended...
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