---
title: "IRDAI: India's Insurance Regulator Explained"
description: "The Insurance Regulatory and Development Authority of India (IRDAI) oversees the insurance sector, ensuring policyholder protection and industry development."
url: "https://modeldiplomat.com/learn/glossary/insurance-regulatory-and-development-authority-of-india"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- The IRDAI is India's statutory regulator for the insurance and reinsurance industry, established under the IRDA Act, 1999 to license, supervise, and develop insurers.
- What is the statutory basis and headquarters of the IRDAI?
- How is the IRDAI composed and who appoints its members?
- How does the IRDAI differ from SEBI and PFRDA?
- What is the current FDI cap in Indian insurance and who set it?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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In May 2022, the IRDAI cleared the Life Insurance Corporation's initial public offering, the largest IPO in Indian history, after the Government of India diluted its stake under the regulator's listing framework.

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