When was the Insurance Regulatory and Development Authority constituted?

a. 1938

b. 1971

c. 1993

d. 1999

ANSWER: 1999

Explanation:

The Insurance Regulatory and Development Authority (IRDA) was set up as an autonomous body under the IRDA Act, 1999.

The IRDA is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India.

Organization structure of IRDA

Section 4 of the IRDAI Act 1999 specifies the authority's composition.

It is a ten-member body consisting of a chairman, five full-time and four part-time members appointed by the Government of India.

In September 2016, the authority was chaired by T. S. Vijayan and its full-time members were P. J. Joseph, Nilesh Sathe, V. R. Iyer, Pournima Gupte and D. D. Singh.

IRDA - Insurance Regulatory and Development Authority

Founded: 1999

Headquarter: Hyderabad, Telangana

Current Head: T. S. Vijayan (Chairman)