The Act provides comprehensive regulation of the insurance sector in the country. To examine the structure of the insurance sector and to recommend revisions to the rules and regulations to make it more efficient and effective, a committee was set up by the Government of India to submit a report on the same. In 1999, the Insurance Regulatory and Development Authority was tabled in the parliament. The bill was debated and discussed before the Bill became the Insurance Regulatory and Development Authority (IRDA) Act, 1999.