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The full form of IRDA is Insurance Regulatory and Development Authority of India.

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body.
It regulates and develops the insurance industry in India.
It was formed in the year 1999.
It's headquarter is located in Hyderabad, Telangana, India.
It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India

Organizational structure

As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which was constituted by an act of parliament) specify the composition of Authority.
IRDAI is a ten-member body consisting of:

A Chairman
Five whole-time members
Four part-time members