IRDAI (Insurance Regulatory and Development Authority of India)

The Insurance Regulatory and Development Authority of India (IRDAI) is the government agency that oversees and regulates the insurance industry in India. Its primary role is to ensure fair practices, protect policyholders’ interests, and promote healthy growth of the sector. IRDAI sets rules for insurance companies, licenses new insurers, and monitors their operations to maintain financial stability and transparency. It also facilitates insurance awareness and promotes innovation to improve insurance services for consumers across the country.