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Insurance Regulatory and Development Authority of India (IRDAI)

PYQs

8

Articles

1

Momentum

21

Phase IFoundation

Background

Overview

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.

Phase IIStatic core

Facts & tables

Key facts

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.

Reference table

Static syllabus anchors

TypeReference
Conceptual areaConstitutional & Statutory Bodies

Reference table

Institutions & roles

BodyRole
IRDAIRegulator
Phase IIIExam lens

Prelims angle

Overview

Prelims angle: Multi-statement analysis

Prelims angle: Institutional roles and functions

Quick revision

  • 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.

Elimination traps

Constitutional vs statutory — IRDAI is a statutory body, not a constitutional one.

Check if created by Constitution or by Parliament.

High-confidence PYQs

2025Multi-statement analysis, Institutional roles and functions

With reference to the Government of India, consider the following information: | Organization | Some of its Functions | It Works Under | |--...

Indian PolityOpen question
2024Factual recall, Institutional roles and functions

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...

Indian PolityOpen question
2022Multi-statement analysis, Factual recall

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 t...

Social Issues & SchemesOpen question
2019Factual recall, Institutional roles and functions

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...

EconomyOpen question

In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.? 1. Ad Hoc Committees se...

Indian PolityOpen question

Atal Innovation Mission is set up under the

Science & TechnologyOpen question
2019Multi-statement analysis, Factual recall

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...

EconomyOpen question

In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.? 1. Ad Hoc Committees se...

Indian PolityOpen question

Atal Innovation Mission is set up under the

Science & TechnologyOpen question
2019Institutional roles and functions, Multi-statement analysis

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...

EconomyOpen question

In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.? 1. Ad Hoc Committees se...

Indian PolityOpen question

Atal Innovation Mission is set up under the

Science & TechnologyOpen question
2018Multi-statement analysis, Institutional roles and functions

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 ...

Indian PolityOpen question
2017Factual recall, Multi-statement analysis

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...

Science & TechnologyOpen question

Topic timeline

Constitutional & Statutory Bodies
Prelims 2017· Factual recall, Multi-statement analysis

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...

Open question
Prelims 2018· Multi-statement analysis, Institutional roles and functions

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 ...

Open question
Prelims 2019· Factual recall, Institutional roles and functions

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...

Open question

In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.? 1. Ad Hoc Committees se...

Open question

Atal Innovation Mission is set up under the

Open question
Prelims 2019· Multi-statement analysis, Factual recall

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...

Open question

In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.? 1. Ad Hoc Committees se...

Open question

Atal Innovation Mission is set up under the

Open question
Prelims 2019· Institutional roles and functions, Multi-statement analysis

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...

Open question

In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.? 1. Ad Hoc Committees se...

Open question

Atal Innovation Mission is set up under the

Open question
Prelims 2022· Multi-statement analysis, Factual recall

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 t...

Open question
Prelims 2024· Factual recall, Institutional roles and functions

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...

Open question
Prelims 2025· Multi-statement analysis, Institutional roles and functions

With reference to the Government of India, consider the following information: | Organization | Some of its Functions | It Works Under | |--...

Open question

IRDAI forms working group on AI

19 Jun 2026 · 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.

Read article

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