Insurance Regulatory and Development Authority (IRDA)

The Insurance Regulatory and Development Authority (IRDA) is India's official body that oversees and regulates the insurance industry. Its main role is to ensure that insurance companies operate fairly, maintain healthy financial practices, and protect policyholders' interests. IRDA sets rules, approves new policies, and monitors industry performance to promote transparency, competition, and growth in the insurance sector. Essentially, it functions as a watchdog that helps keep the insurance market trustworthy and balanced for consumers and companies alike.