Which financial institution in India is responsible for regulating and supervising the insurance sector, including insurance companies and intermediaries?

Key Points

• The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body in India responsible for overseeing the insurance industry.
• It was constituted by an act of Parliament known as the IRDA Act, 1999, which was passed to regulate the insurance industry to protect policyholders' interests.
• IRDAI is headquartered in Hyderabad, Telangana.
• The primary mission of IRDAI is to protect the interests of policyholders, regulate, promote, and ensure orderly growth of the insurance industry.

Additional Information

• Pension Fund Regulatory and Development Authority (PFRDA)
  • PFRDA is a statutory body established by the Government of India to regulate and develop the pension sector in India.
  • Its primary objective is to promote old age income security by establishing, developing, and regulating pension funds.
  • PFRDA also oversees the implementation of the National Pension System (NPS).
• Reserve Bank of India (RBI)
  • The RBI is India's central banking institution, which controls the issuance and supply of the Indian rupee.
  • It plays a crucial role in the development strategy of the Government of India.
  • The primary objective of the RBI is to regulate the issue of banknotes, maintain reserves to secure monetary stability in India, and operate the country's currency and credit system.
• Securities and Exchange Board of India (SEBI)
  • SEBI is the regulator for the securities market in India.
  • It was established in 1988 and given statutory powers through the SEBI Act, 1992.
  • SEBI's primary function is to protect the interests of investors in securities and to promote the development and regulation of the securities market.