- The insurance sector was opened up for private sector in 2000 after IRDA Act, 1999.
- IRDA was incorporated as a statutory body in April 2000.
- IRDA’s key objectives include promoting competition and ensuring financial security.
- FDI limits have been progressively increased (26% to 49% to 75%).
- 100% FDI allowed in insurance intermediaries.
- This evolution shows a move towards greater liberalization and regulation by IRDA.