Insurance Regulatory and Development Authority of India (IRDAI)
IRDAI is the statutory body established under the IRDAI Act, 1999 to regulate and promote the insurance industry in India. It supervises both life and non-life insurance companies, protects policyholder interests, and ensures the financial soundness of the sector.
- IRDAI was constituted following the Malhotra Committee Report (1994), which recommended privatisation and opening of the insurance sector.
- The Insurance Act, 1938 (amended in 1999 and 2015) is the primary legislation governing the sector; the IRDAI Act, 1999 established the regulator.
- As of 2025, India had 24 life insurers, 33 general insurers, 6 standalone health insurers, and 2 reinsurers.
- The insurance penetration in India was about 4% of GDP in 2024, significantly below the global average of ~7%, pointing to the large untapped potential of the sector.
- IRDAI has been pushing for financial sector reforms including composite insurance licences, reduced capital requirements for entry, and now accounting standards upgrades.
● Tracked since March 04, 2026 · last seen August 12, 2026 · updates as the daily brief publishes
18 Jun '26
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