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The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad to regulate and control the insurance industry. It was formed by an act of Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some budding requirements. As stated in the act mission of IRDA is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto."
After the formation of IRDA, insurance sector has seen remarkable growth. Before IRDA came into force there were only a few players in the insurance field, namely, Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). Now it has increased to a large number.