Insurance Regulatory Authority

The Insurance Regulatory Authority (IRA) is a government agency that oversees and regulates the insurance industry. Its main purpose is to protect consumers by ensuring that insurance companies operate fairly and responsibly. The IRA sets the rules for how insurance companies must conduct business, makes sure they have enough funds to pay claims, and monitors their practices to prevent fraud. By maintaining standards, the IRA helps to build trust between consumers and insurance providers, ensuring that people can rely on their insurance when they need it most.