Insurance Regulatory and Development Authority

The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the Ministry of Finance, Government of India. It is tasked with regulating and licensing 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 Union of India. The agency's headquarters are in Hyderabad, where it moved from Delhi in 2001.

The Insurance Regulatory and Development Authority of India has directed health insurance providers to develop specialized policies to cater to the needs of senior citizens and also establish dedicated channels for addressing their grievances and claims. With effect from 01-April-2024, IRDAI has removed the age limit for purchasing health insurance policies. Earlier, 65 years was the age limit for buying new health insurance policies

IRDAI is a 10-member body including a chairperson, and five full-time and four part-time members appointed by the government of India.