Structure of IRDAI According to Section 4 of the Insurance Regulatory and Development Authority of India Act 1999, the IRDAI constituted by an act of Parliament, specified the following structure of the Authority. It is a 10-member institution consisting of a Chairman, Five Full -time Members, and Four Part-time Members. Besides, all the members of the IRDAI are appointed by the government of India. Check the best GK Notes for Bank Exams here! Check your Banking Knowledge with our Free Live ... What is the full form of IRDAI : Meaning, Functions and Objectives IRDA, or IRDAI (Insurance Regulatory and Development Authority of India), is a government organisation established by an Act of Parliament to regulate, promote, and ensure the orderly growth of the insurance industry in India, while safeguarding the interests of policyholders. The Insurance Regulatory and Development Authority of India ( IRDAI ) is an autonomous and statutory body under the Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. [1] . What are the Main Functions and Responsibilities of IRDAI in India? The full form of IRDAI is Insurance Regulatory and Development Authority of India , which plays a significant role in governing and promoting the insurance sector in India.
