The Insurance Regulatory and Development Authority was established under the provisions of The Insurance Regulatory and Development Authority Act, 1999. This act provided for the establishment of the Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business(Nationalisation) Act, 1972. The Insurance Regulatory and Development Authority of India consists of ten members which includes a Chairman, five whole-time members and four part-time members.
