Relatively recently, there has been a rise in the participation of private financial institutions in the insurance business in India, particularly in the medical insurance field. The activities of every single one of these companies is monitored by the Insurance Regulatory Development Authority or IRDA in short. There are twenty four companies in India which act as health insurance providers. The insurance sector was opened up for investment in 2000 by the IRDA, and a total of twenty six percent is allotted for foreign investment in India within the insurance field.
