Page 89 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
P. 89
Chapter 16 Insurance Regulatory And Development
Authority Act 1999
The IRDA Act was passed in 1999and private players are now
allowed to do life insurance business.
The IRDA has been established to protect the interests of the
policyholders, to regulate, promote and ensure orderly
growth of the insurance industry and for matters connected
therewith or incidental thereto.
The composition of the Authority shall consist of a
Chairperson, not more than five whole time members and not
more than four part time members.
