Page 86 - MODULE1_Insurance Introduction_CHA

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. IRDAI’s headquarters were in Delhi

but in 2001, moved to Hyderabad, Telangana

IRDAI is a 10-member body including the chairman, five

full-time and four part-time members appointed by the

government of India.

[5]
IRDAI controls all types of insurance in India.

2. UAE - The Insurance Authority (IA) was established under

the Federal Law No. 6 of 2007 with a legal personality and

financial and administrative independence.

The Federal Law No. 6, which came into force as from

28.08.2007, entrusted the Authority to regulate and

supervise the insurance sector in the United Arab Emirates

in order to ensure the provision of a favourable climate for

its development and promote the role of the insurance

industry to indemnify persons, property and liabilities

against risks to ultimately protect the national economy;

accumulate and grow national savings and invest them to

support the economic development in the UAE; encourage

86