Insurance Regulatory and Development Authority of India (IRDAI)
Indian Polity & Governance
- PYQs8
- Articles1
Background
Understanding the roles and functions of key regulatory bodies like IRDAI is crucial for comprehending India's economic governance, financial sector stability, and consumer protection mechanisms, especially as they adapt to emerging technologies.
The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body established under the IRDAI Act, 1999, responsible for regulating and promoting the insurance and re-insurance industries in India, ensuring policyholder protection and orderly growth of the sector.
Facts & tables
- Establishment
- Statutory body formed under the IRDAI Act, 1999.
- Mandate
- Regulates and promotes the insurance and re-insurance sectors in India.
- Primary Objective
- Protects the interests of policyholders and ensures the orderly growth of the insurance industry.
- Current Action
- Constituted a working group to develop AI governance frameworks for the insurance sector.
| Type | Reference |
|---|---|
| Conceptual area | Constitutional & Statutory Bodies |
| Body | Role |
|---|---|
| IRDAI | Regulator |
Prelims angle
Prelims angle: Multi-statement analysis
Prelims angle: Institutional roles and functions
- Statutory body under IRDAI Act, 1999.
- Regulates and promotes insurance and re-insurance.
- Protects policyholder interests.
- Ensures orderly growth of the insurance sector.
- Adapting to new technologies like AI for sector oversight.
Check if created by Constitution or by Parliament.
| Year | Framing tags |
|---|---|
| 2025 | Multi-statement analysis, Institutional roles and functions |
| 2024 | Factual recall, Institutional roles and functions |
| 2022 | Multi-statement analysis, Factual recall |
| 2019 | Factual recall, Institutional roles and functions |
| 2019 | Multi-statement analysis, Factual recall |
| 2019 | Institutional roles and functions, Multi-statement analysis |
| 2018 | Multi-statement analysis, Institutional roles and functions |
| 2017 | Factual recall, Multi-statement analysis |
Timeline
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Constitutional & Statutory Bodies
Conceptual area
-
Prelims 2017
Factual recall, Multi-statement analysis
-
Prelims 2018
Multi-statement analysis, Institutional roles and functions
-
Prelims 2019
Factual recall, Institutional roles and functions
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Prelims 2019
Multi-statement analysis, Factual recall
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Prelims 2019
Institutional roles and functions, Multi-statement analysis
-
Prelims 2022
Multi-statement analysis, Factual recall
-
Prelims 2024
Factual recall, Institutional roles and functions
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Prelims 2025
Multi-statement analysis, Institutional roles and functions
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IRDAI forms working group on AI
IRDAI is India's primary insurance regulator, responsible for licensing, supervision, and policyholder protection, ensuring the healthy growth and ethical conduct of the insurance industry while adapting to technological advancements.
See also
No related topics linked yet.
Past papers
2017–2025 · 8 questions
In the news
IRDAI forms working group on AI
IRDAI is India's primary insurance regulator, responsible for licensing, supervision, and policyholder protection, ensuring the healthy growth and ethical conduct of the insurance industry while adapting to technological advancements.
Try these PYQs
Consider the following statements
1. The Food Safety and Standards Act, 2006 replaced the Prevention of Food Adulteration Act, 1954.
2. The Food Safety and Standards Authority of India (FSSAI) is under the charge of Director General of Health Services in the Union Ministry of Health and Family Welfare.
Which of the statements given above is/are correct?
Statement 1 is Correct: The Food Safety and Standards Act, of 2006 did supersede the Prevention of Food Adulteration Act, of 1954. It established a more comprehensive framework for ensuring food safety and regulating the food industry in India. Statement 2 is Incorrect: The Food Safety and Standards Authority of India (FSSAI) is an autonomous body, not under the direct control of the Director General of Health Services. While the Ministry of Health and Family Welfare oversees FSSAI, it functions independently with its own governing board and chairperson. Therefore, the correct answer is option (a) 1 only.
With reference to the "Tea Board" in India, consider the following statements:
1. The Tea Board is a statutory body.
2. It is a regulatory body attached to the Ministry of Agriculture and Farmers Welfare.
3. The Tea Board's Head Office is situated in Bengaluru.
4. The Board has overseas offices at Dubai and Moscow.
Which of the statements given above are correct?
Statement 1 is correct: The Tea Board of India is a statutory body created under the Tea Act, 1953 and it was established to regulate the Indian tea industry and protect the interests of tea producers in India. Statement 2 is incorrect: It is functioning as a statutory body of the Central Government under the Ministry of Commerce. Statement 3 is incorrect: The Tea Board of India's Head Office is situated in Kolkata. Statement 4 is correct: The Tea Board of India has overseas offices in Moscow, Dubai, Hamburg, London, and New York.
With reference to the Government of India, consider the following information:
| Organization | Some of its Functions | It Works Under |
|--------------------|------------------------|--------------------------------|
| Directorate of Enforcement | Enforcement of the Fugitive Economic Offenders Act, 2018 | Internal Security Division-I, Ministry of Home Affairs |
| Directorate of Revenue Intelligence | Enforces the provisions of the Customs Act, 1962 | Department of Revenue, Ministry of Finance |
| Directorate General of Systems and Data Management | Carrying out big data analytics to assist tax officers for better policy and nabbing tax evaders | Department of Revenue, Ministry of Finance |
In how many of the above rows is the information correctly matched?
The question relates to the correct mapping of key investigative and analytical bodies under the Government of India and their parent ministries or departments. ❌ Row I: Incorrect The Directorate of Enforcement does implement the Fugitive Economic Offenders Act, 2018, but it functions under the Department of Revenue, Ministry of Finance, not the Ministry of Home Affairs. ✅ Row II: Correct The Directorate of Revenue Intelligence (DRI) enforces the Customs Act, 1962 and works under the Department of Revenue, Ministry of Finance. ✅ Row III: Correct The Directorate General of Systems and Data Management aids in big data analytics for tax enforcement and operates under the Department of Revenue, Ministry of Finance.
Consider the following statements :
1. Petroleum and Natural Gas Regulatory Board (PNGRB) is the first regulatory body set up by the Government of India.
2. One of the tasks of PNGRB is to ensure competitive markets for gas.
3. Appeals against the decisions of PNGRB go before the Appellate Tribunals for Electricity.
Which of the statements given above are correct?
Statement 1 is Incorrect: The Petroleum and Natural Gas Regulatory Board (PNGRB) was constituted under the Petroleum and Natural Gas Regulatory Board Act, 2006.
The independent regulator, Telecom Regulatory Authority of India (TRAI), set up under the TRAI Act of 1997, was the first independent regulator in India. Hence, statement 1 is not correct. Statement 2 is correct: PNGRB is tasked to protect the interests of consumers and entities engaged in specified activities relating to petroleum, petroleum products and natural gas and to promote competitive markets and for matters connected therewith or incidental thereto. Statement 3 is correct: The Appellate Tribunal established under Section 110 of the Electricity Act, 2003 (Central Act 36 of 2003) shall be the Appellate Tribunal to appeal against the decisions of the PNGRB.
In India, it is legally mandatory for which of the following to report on cybersecurity incidents?
1. Service providers
2. Data centres
3. Body corporate
Select the correct answer using the code given below:
In India, section 70-B of the Information Technology Act, 2000 (the IT Act) gives the Central Government the power to appoint an agency of the government to be called the Indian Computer Emergency Response Team. Further, it is legally mandatory for service providers, data centres and body corporates to report on cybersecurity incidents as outlined in the Information Technology (The Indian Computer Emergency Response Team and Manner of Performing Functions and Duties) Rules, 2013, which were notified under the Information Technology Act, 2000.
Show 3 more PYQs
In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.?
1. Ad Hoc Committees set up by the Parliament
2. Parliamentary Department Related Standing Committees
3. Finance Commission
4. Financial Sector Legislative Reforms Commission
5. NITI Aayog
Select the correct answer using the code given below:
In India, the independent regulators in sectors like telecommunications, insurance, electricity, etc. are reviewed by the Ad Hoc Committees set up by the Parliament and the Parliamentary Department Related Standing Committees. The role of these committees is to ensure that the regulators are performing their duties effectively and in the best interest of the public. The Finance Commission, Financial Sector Legislative Reforms Commission, and NITI Aayog do not have the mandate to review the independent regulators. Hence, only 1 and 2 are the correct option codes.
Atal Innovation Mission is set up under the
Atal Innovation Mission (AIM) is set up under the NITI Aayog (National Institution for Transforming India), which is the premier policy 'Think Tank' of the Government of India. The Atal Innovation Mission was launched by the Government of India in 2016 to promote innovation and entrepreneurship across the country. The key objectives of the Atal Innovation Mission are : 1. To create and promote an ecosystem of innovation and entrepreneurship across the country. 2. To establish Atal Tinkering Laboratories (ATLs) in schools across India to foster a culture of innovation from a young age. 3. To set up Atal Incubation Centres (AICs) to support entrepreneurs and startups. 4. To provide mentorship and funding support to innovative startups and entrepreneurs.
The North Eastern Council (NEC) was established by the North Eastern Council Act, 1971. Subsequent to the amendment of NEC Act in 2002, the Council comprises which of the following members?
1. Governor of the Constituent State
2. Chief Minister of the Constituent State
3. Three Members to be nominated by the President of India
4. The Home Minister of India
Select the correct answer using the code given below :
The North Eastern Council (NEC) was established under the *North Eastern Council Act, 1971* to ensure the balanced and coordinated development of the North Eastern Region. After the North Eastern Council (Amendment) Act, 2002, the structure and composition of the Council were modified. As per Section 3(1) of the *NEC Act, 1971 (as amended)*, the Council shall consist of the following members: 1. The Chief Ministers of the Constituent States
2. The Governors of the Constituent States
3. Three Members to be nominated by the President of India These are the only members of the Council as defined by the Act. Further, Section 3(2) specifies that:
“The Union Home Minister shall be the ex officio Chairman of the Council, and the Minister of the Central Government in charge of the Ministry of Development of North Eastern Region (DoNER) shall be the ex officio Vice-Chairman of the Council.” Thus, while the Union Home Minister serves as the ex officio Chairman, he does not form part of the Council as a member under Section 3(1). Similarly, the Minister of DoNER is the ex officio Vice-Chairman, but not a member of the Council.