Question
Under the IRDA Act, 1999, the Insurance Regulatory and
Development Authority of India (IRDAI) is composed of how many members, including the Chairperson?Solution
According to Section 4 of the IRDA Act, 1999 , the IRDAI shall consist of: · One Chairperson · Not more than five whole-time members · Not more than four part-time members Thus, the maximum total strength of the Authority is 10 members . IRDAI is a statutory regulatory body that governs insurance companies, intermediaries, and policyholder protection in India.
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