The insurance business is deep rooted in India. It was started in 1818 with establishment of Oriental Insurance Company in Calcutta. To promote transparency, regulation and orderly conduct of insurance business in the country, the Insurance Regulatory and Development Authority of India (IRDAI was established as statutory body in year 2000 under the IRDAI Act’ 1999. It came into existence after the recommendation of Malhotra Committee report. The functions of IRDA include regulation, development and research related to insurance industry.
The board of IRDAI consists of ten members, all of which are appointed by Government of India:
The functions of IRDA includes:
The insurance ombudsman was created by Government of India in 1998 with the purpose of quick disposal of the grievances of the insured customers and to mitigate their problems involved in redressal of those grievances.
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