Definition
IRDAI
IRDAI is the Insurance Regulatory and Development Authority of India, which regulates and supervises the insurance industry and protects policyholders.
The IRDAI licenses insurers and intermediaries, approves products, sets solvency and conduct norms, and safeguards policyholders' interests. Its mandate also includes developing the insurance sector and deepening penetration across the country.
It frames rules on areas like claim settlement, surrender values, agent commissions and the entry of new players, including reforms to ease foreign investment and product innovation. By ensuring insurers stay solvent and treat customers fairly, IRDAI underpins confidence in life, health and general insurance.
Related terms
- SEBISEBI is the Securities and Exchange Board of India, the statutory regulator of the securities markets, protecting investors and overseeing exchanges, intermediaries and listed companies.
- Reserve Bank of India (RBI)The RBI is India's central bank and monetary authority, responsible for issuing currency, setting policy rates, regulating banks and managing the government's debt.
- PFRDAPFRDA is the Pension Fund Regulatory and Development Authority, which regulates the National Pension System and promotes old-age income security.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.