Irdai to have inspection, consumer affairs depts in Mumbai

Mumbai: Insurance Regulatory and Development Authority of India (Irdai) will today open its Mumbai regional office, with departments of inspection and consumer affairs.

Regulatory operations from this office are expected to begin soon as Irdai's senior executives from the Hyderabad move to Mumbai.

Irdai, which is one of the youngest regulators in the country, was set up after the IRDA Act was formulated in 1999.

Insurance executives said that this will enable them to have better access to the regulator.

Mumbai is the headquarters of more than 15 insurers including life, general and standalone health insurers. Even the largest life and general insurer, Life Insurance Corporation of India and New India Assurance, respectively, have their headquarters in this city.

The regulator's office would look into areas of inspection, consumer grievances and complaints among others.

Apart from its head office in Hyderabad, Irdai also has a regional office in New Delhi.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.