The Insurance Regulatory and Development Authority Act, 1999

The Insurance Regulatory and Development Authority Act, 1999 is an Act of the Indian Parliament that establishes the Insurance Regulatory and Development Authority (IRDAI) as the regulatory body for the insurance sector in India. The act aims to protect the interests of policyholders, promote the development of the insurance industry, and regulate the functioning of insurers. It outlines the powers and functions of the IRDAI, including registration of insurers, regulation of premium rates, approval of insurance products, and oversight of the insurance market. The act also provides for the establishment of the Insurance Advisory Committee to advise the IRDAI and promote the growth of the insurance industry.