IRDAI

IRDAI was constituted in 2000 as a statutory body to protect policyholder interests, regulate insurers and intermediaries, and promote the orderly growth of the insurance industry. It registers insurance companies, approves products, sets premium and commission rules, and adjudicates disputes. IRDAI was renamed to Insurance Regulatory and Development Authority of India (still IRDAI) in 2015. All insurers — life, general, health, and reinsurance — are registered with IRDAI and report their financials quarterly.