The Insurance Regulatory and Development Authority (IRDA) was set up in 2000 (the Act was passed in 1999) with one chairman and five
members (two as full time and three as part-time members) appointed and nominated by the government. The authority is responsible for the regulation, development and supervision of the Indian insurance industry.
As per the latest Annual Report 2014-15 of the IRDA, presently, there are 52 insurance companies in India of which 24 are involved in life insurance business while other 28 companies are involved in non-life (general) segment. Insurance industry of India is presently regulated under the Insurance Laws (Amendment) Act, 2015. The Act increased the permissible limit of foreign direct investment (FDI) from 26 to 49 per cent in the
The FDI up to 99 per cent is allowed under the automatic route while beyond it the approval of the FIPB (Foreign Investment Promotion Board) is required.