About IRDAI

• Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body set up for protecting the interests of the policyholders and regulating, promoting and ensuring orderly growth of the insurance industry in India.
• The powers and functions of the Authority are laid down in the IRDAI Act, 1999 and Insurance Act, 1938. 
• The key objectives of the IRDAI include promotion of competition so as to enhance customer satisfaction through increased consumer choice and fair premiums, while ensuring the financial security of the Insurance market.
• Entities regulated by IRDAI:
  • Life Insurance Companies – Both public and private sector Companies
  • General Insurance Companies – Both public and private sector Companies. Among them, there are some standalone Health Insurance Companies which offer health Insurance policies.
  • Re-Insurance Companies
  • Agency Channel
  • Intermediaries which include the following:
    • Corporate Agents
    • Brokers
    • Third Party Administrators
    • Surveyors and Loss Assessors.

Why in News?

• IRDAI has directed all insurance companies to scrutinize their IT systems for vulnerabilities. 
• This advisory follows reports of data breaches involving two major general insurance companies, Star Health and Allied Insurance, and Tata AIG General Insurance.

https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-orders-insurance-firms-to-audit-it-systems-after-star-tata-aig-breaches/articleshow/114455004.cms?from=mdr