<h1 class="ql-align-center"><strong style="color: rgb(230, 0, 0);">IRDAI</strong></h1><p class="ql-align-center"><br></p><h3><strong>Context&nbsp;</strong></h3><ul><li class="ql-indent-1">The <strong>Insurance Regulatory and Development Authority of India (IRDAI)</strong> has called upon incumbent players to augment capital while inviting new players to enter the sector, in its bid to achieve 100% insurance coverage by 204.</li><li class="ql-indent-1"><strong>Government amended the Insurance Act, 1938</strong> to increase the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards.&nbsp;</li></ul><h3><strong>IRDAI</strong></h3><ul><li class="ql-indent-1">It is an <strong>autonomous, statutory body.&nbsp;</strong></li><li class="ql-indent-2">It was established by an act of Parliament known as the <strong>Insurance Regulatory and Development Authority Act, 1999.</strong></li><li class="ql-indent-1"><strong>HQ- Hyderabad</strong></li><li class="ql-indent-1"><strong>Nodal Ministry - Ministry of Finance.</strong></li><li class="ql-indent-1"><strong>Composition</strong>: IRDAI is a 10-member body- a Chairman, five full-time members, and four part-time members appointed by the Government of India.</li><li class="ql-indent-1">It&nbsp;<strong>is the apex body responsible for regulating and developing the insurance industry in India.</strong></li></ul><h3><strong>About International Financial Reporting Standards (IFRS)&nbsp;</strong></h3><ul><li class="ql-indent-1">It is an accounting standard that has been issued by the <strong>International Accounting Standards Board (IASB) </strong>with the objective of providing a common accounting language to increase transparency in the presentation of financial information.</li><li class="ql-indent-1">IFRS is not used by all countries; for example, the U.S. uses <strong>generally accepted accounting principles (GAAP).</strong></li></ul><p><br></p><h1 class="ql-align-center"><strong>PRELIMS NOTES:</strong><a href="https://www.sunyaias.com/subscription-details/prelims-2023-sunya-notes-current-affairs" rel="noopener noreferrer" target="_blank" style="color: rgb(0, 102, 204);"><strong>CLICK HERE</strong></a></h1><p class="ql-align-center"><br></p>