Principally, the growing fear of having privately constituted arbitral tribunals decide disputes in a manner that exposes host States to legal and financial risks and in a way that might negatively impact the host States» sovereign right to
regulate matters of public interest merit due consideration and attention.
The general
public is hereby informed that IRDAI is a regulatory body established by an Act
of Parliament, i.e. the Insurance Regulatory and Development Authority
of India Act 1999, 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.