IRDAI is the regulatory body in India responsible for overseeing and regulating the insurance industry to protect policyholders and ensure fair practices.
The Insurance Regulatory and Development Authority of India is a statutory body established by the Government of India to regulate, promote, and ensure the orderly growth of the insurance sector.
It sets rules for insurance companies, ensures transparency, and safeguards the interests of policyholders.
"If an insurance company delays claim settlement unfairly, IRDAI can intervene and take action."