Insurance Regulatory and Development Authority
| Abbreviation | IRDAI |
|---|---|
| Formation | 1999 |
| Type | Regulatory Body |
| Legal status | Active |
| Headquarters | Sy No. 115/1, Financial District, Nanakramguda, Hyderabad – 500032 |
| Location | |
| Coordinates | 17°23′06″N 78°29′10″E / 17.385°N 78.486°E |
| Services | Insurance of India |
| Owner | Ministry of Finance, Government of India |
Key people | Debasish Panda, IAS (Chairperson) |
| Website | irdai.gov.in |
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
The Insurance Regulatory and Development Authority of India has directed health insurance providers to develop specialized policies to cater to the needs of senior citizens and also establish dedicated channels for addressing their grievances and claims. With effect from 1 April 2024, IRDAI has removed the age limit for purchasing health insurance policies.Earlier, 65 years was the age limit for buying new health insurance policies
IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India.