InsuranceFinancial Glossary
IRDAI
Definition
Insurance Regulatory and Development Authority of India — the statutory body that regulates and promotes the insurance industry in India. IRDAI sets guidelines for premium pricing, claim settlement ratios, policy terms, agent licensing, and consumer protection. Every insurer operating in India must be registered with IRDAI.
Why It Matters
IRDAI mandates key consumer protections like the free look period, moratorium clause, portability rights, and standardized policy wordings. When filing a complaint against an insurer, IRDAI's IGMS (Integrated Grievance Management System) is your escalation path after the insurer's internal process fails.