Is IRDA and IRDAI different terms? You will get a clear answer if you are confused between IRDA and IRDAI.
Contents
Full form of IRDA
IRDA full form is Insurance Regulatory and Development Authority.
What is IRDA?
IRDA is formed basically to regulate the insurance company in India in simple words. I hope you got what is IRDA.
Full form of IRDAI
IRDAI full form is the Insurance Regulatory and Development Authority of India.
What is IRDAI?
IRDAI is formed basically to regulate the insurance company in India.
You are confused right how IRDA and IRDAI are the same. Have a look next point.
Difference between IRDA and IRDAI?
The difference between IRDA and IRDAI is fullform. Actually, IRDA has been renamed to IRDAI in 2014. So whether you call IRDA or IRDAI both are one and only the same. The only thing that changes is the last letter I. So don’t confuse yourself because in the end both are the same. One can say that IRDA is the old name and IRDAI is the new name that’s it. Don’t overcomplicate.
History of IRDA?
In 1993, the Malhotra Committee tried to explore insurance and recommended some changes to the development of the insurance industry. In the year 1999 IRDA Act was passed. But in April 2000 IRDA started operation as a statutory body in India. After a couple of years in 2014, the IRDA was renamed to IRDAI.
Which I talked about above right? Do you know there are 24 life insurance companies under IRDA? But do you know what postal life insurance is not under IRDA? Postal life insurance is insurance that is done in the Post office did you get it?
Functions of IRDA?
There are lots of functions of IRDA some are listed below.
- The aim of IRDA is to protect the interest of the policyholders.
- To see to it that there is a speedy and orderly growth in insurance companies.
- Transparency is very important so people should know everything about that insurance company before signing any agreement.
- Look after that everything is working correctly in the insurance company.
- In one line one can say that IRDA function is to regulate insurance companies in India.
Where is IRDA headquarters?
IRDA headquarters is located in Hyderabad, India.
Who is the chairman of IRDA?
Debashish Panda is the chairman of IRDA.
FAQ’s
Is IRDA and IRDAI same?
Yes. IRDA has remained IRDAI in 2014.
Thank you for reading. I hope you got to know about IRDAI which will help you to gain a better understanding while purchasing insurance. Comment below if you are looking for more personal finance related things. I will try to make it.