The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India.The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

Functions of IRDAI :

* Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations
* Protecting policyholder interests
* Specifying qualifications, the code of conduct and training for intermediaries and agents
* Specifying the code of conduct for surveyors and loss assessors
* Promoting efficiency in the conduct of insurance businesses
* Promoting and regulating professional organisations connected with the insurance and re-insurance industry
* Levying fees and other charges
* Inspecting and investigating insurers, intermediaries and other relevant organisations
* Regulating rates, advantages, terms and conditions which may be offered by insurers not covered by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938)
* Specifying how books should be kept
* Regulating company investment of funds