IRDAI eliminates the age bar for acquiring health insurance

  • 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. 

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