Chennai, Jan 14
The Insurance Regulatory and Development Authority of India (IRDAI) closed FY21 with total fee income of about Rs 194 crore.
According to IRDAI's annual report, the total fee income of the insurance regulator last fiscal was about Rs 194 crore, up from about Rs 180 crore earned in FY20.
The primary revenue for IRDAI is annual licence renewal fee from the insurers - life/non-life/reinsurers/agents/brokers/penalties and others.
Last fiscal, IRDAI earned Rs 8.14 crore as fees for processing of amalgamation of insurers, up from Rs 7.19 crore earned under the head the previous fiscal.
During FY21, IRDAI had earned a surplus of income over expenditure of about Rs 124 crore on a total income of about Rs 269 crore, up from about Rs 102 crore on a total income of Rs 268 crore earned during FY20.