The Insurance Regulatory and Development Authority of India (IRDAI)

The Insurance Regulatory and Development Authority of India (IRDAI) is the government agency responsible for overseeing and regulating the insurance industry in India. It ensures that insurance companies operate fairly, maintain financial stability, and adhere to laws, protecting consumers’ interests. IRDAI grants licenses to insurers, formulates rules, and monitors their compliance. Its goal is to promote a healthy, competitive insurance market that provides reliable products and service to policyholders, fostering growth and stability within the industry.