The Insurance Regulatory and Development Authority of India (IRDAI) is an independent, statutory office entrusted with managing and advancing the protection and re-protection businesses in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, a demonstration of Parliament go by the administration of India.

Statement of purpose of the Authority

To ensure the enthusiasm of and secure reasonable treatment to policyholders;

To achieve quick and systematic development of the protection business (counting annuity and superannuation installments), for the advantage of the normal man, and to give long haul assets to quickening development of the economy;

To set, advance, screen and implement elevated expectations of respectability, budgetary soundness, reasonable managing and fitness of those it directs;

To guarantee expedient settlement of certified cases, to forestall protection fakes and different acts of neglect and set up powerful grievance redressal apparatus;

To advance decency, straightforwardness and precise lead in money related markets managing protection and assemble a dependable administration data framework to authorize elevated expectations of monetary soundness among market players;

To make a move where such norms are insufficient or inadequately implemented;

To achieve ideal measure of self-direction in everyday working of the business predictable with the prerequisites of prudential control.

The Union Cabinet led by the Prime Minister Shri Narendra Modi has given its ex-post facto endorsement for the Memorandum of Understanding (MoU) between Insurance Regulatory and Development Authority of India (IRDAI) and the Insurance Authority of United Arab Emirates. The MoU was marked in February, 2016.

The MoU accommodates upgraded collaboration between the two experts in the field of protection supervision by giving a system to co-operation, for example, channels of correspondence. It will likewise bring about expanding shared comprehension through the trading of administrative and significant supervisory data including private data to authorize or guarantee consistence with their particular laws and directions.