Govt approves appointment of IRDAI Life Member

The government has approved the appointment of Swaminathan S. Iyer as the Whole-Time Member (Life) of the Insurance Regulatory and Development Authority of India (IRDAI).

1. Role and Tenure:

 Iyer will serve as a Whole-Time Member (Life) for a term of five years or until he reaches the age of 62, whichever comes earlier.

About the IRDAI The Insurance Regulatory and Development Authority of India (IRDAI) is the apex body responsible for regulating and overseeing the insurance sector in India.

1. Formation: 

IRDAI was established in 1999 under the Insurance Regulatory and Development Authority Act, 1999. • It is headquartered in Hyderabad, Telangana.

2. Primary Objectives: 

 • To protect the interests of policyholders. • To promote the development of the insurance sector in India. • To ensure financial stability and regulate market conduct within the insurance industry.

3. Functions: 

 • Issuance of Licenses: Grants licenses to insurance companies and intermediaries like brokers and agents.

4. Structure: • IRDAI consists of: