The Insurance Regulatory and Development Authority (IRDA) is the regulatory body for the insurance sector in India. It was established under the Insurance Regulatory and Development Authority Act of 1999. The primary objective of the IRDA is to protect the interests of policyholders, promote the growth and development of the insurance industry, and ensure its financial stability.
The IRDA is an autonomous and independent body that operates under the Ministry of Finance, Government of India. It functions as a statutory authority with powers to regulate, supervise, and promote the insurance sector in the country.
