The insurance sector was opened up to private participation with the enactment of the Insurance Regulatory and Development Authority Act, 1999. The Insurance Regulatory and Development Authority (IRDA ) at present consists of the Chairman, 4 full-time members and 4 part-time members. The Authority is functioning from its Head Office at Hyderabad, Andhra Pradesh. The core functions of the Authority include
Indian insurance sectorSince opening up, the number of participants in the industry has gone up from six insurers in the year 2000 to 52 insurers operating in the life, non-life and reinsurance segments.
|Total Number of insurers|
|Private Sector||Public Sector||
Total no. of
Insurers(Public and Private)
|Reinsurance Co. GIC||-||01||01|
Since opening up, the number of participants in the industry has gone up from six insurers (including Life Insurance Corporation of India, four public sector general insurers and General Insurance Corporation of India as the National Reinsurer) in the year 2000 to 52 insurers operating in the life, non-life and reinsurance segments (including specialized insurers viz. Export Credit Guarantee Corporation and Agriculture Insurance Company of India Ltd. ). Three of the general insurance companies, viz. Star Health and Alliance Insurance Company; Apollo Munich Health Insurance Company; and Max BUPA Health Insurance Co. Ltd. function as standalone health insurance companies. Of the twenty three life insurance companies which have set up operations in the life segment post opening up of the sector, twenty one are in joint venture with foreign partners. Of the eighteen who have commenced operations in the non-life segment, sixteen had been set up in collaboration with foreign partners.