The Indian regulator of Insurance Business IRDAI, has been very instrumental to
innovate the insurance products, sales along with the regulatory control. Please describe
the IRDAI’s duties and responsibilities in context with the given statement.
The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India, and is tasked with regulating and promoting the insurance and re-insurance industries in India.