An act to provide for the establishment of an authority to protect the interest of the holders of insurance policies, to regulate, promote and ensure orderly growth of insurance industry and for matters connected therewith or incidental there to and further to amend the insurance act 1938, the life insurance act 1956 and general insurance business (Nationalization) act 1972.
The authority consists of the following members :
The whole-time members shall hold the office for 5 years or until the age of 62 years (65 for chairperson) and part-time members will hold office for not more than 5 years or until age of 62 years.
The duties and functions of the IRDA would be :
Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.