- The Insurance Regulatory and Development Authority of India (IRDAI) eliminated the age limit for acquiring health insurance plans from April 1.
- Prior until this, those over the age of 65 were ineligible for new health insurance plans.
About the Insurance Regulatory and Development Authority of India (IRDAI)
- IRDAI is India’s apex regulating agency for the insurance business.
- It is an autonomous agency in charge of regulating and expanding India’s insurance business.
- It was founded under the Insurance Regulatory and Development Authority Act of 1999. It was established on April 19, 2000.
- Headquarters: Located in Hyderabad, Telangana.
- Composition:
- The IRDAI is a 10-member body comprised of the chairman, five full-time and four part-time members nominated by the government of India.
- The authority is backed by a number of departments and divisions that oversee various parts of insurance regulation, such as life insurance, non-life insurance, reinsurance, and actuarial problems.
Regulatory functions
IRDAI regulates and promotes India’s insurance business by licencing and registering companies and intermediaries.
- Developing regulations and norms for insurance activities.
- Protecting policyholders’ interests.
- Promoting fair competition and innovation in the insurance industry.
- Monitoring the financial performance and solvency of insurance businesses.
- Resolving problems between insurers and policyholders.
- Promoting insurance awareness and education among the general public.
Source: https://www.thehindu.com/sci-tech/health/irdai-decision-to-remove-age-bar-on-health-insurance-purchases-will-improve-access-for-seniors-hospitals-say/article68087788.ece