Glossary

IRDAI

Also called Insurance Regulatory and Development Authority of India.

The Insurance Regulatory and Development Authority of India, the sector's regulator.

IRDAI regulates insurers and intermediaries in India. It registers agents and brokers, sets conduct rules, prescribes disclosure requirements, and runs a complaints portal for policyholders.

It does not sell insurance, announce bonuses, or invest premiums — a distinction worth remembering, because callers impersonating the regulator are a recognised fraud.

Related terms

  • Bima Bharosa The regulator's online portal for registering complaints against insurers.
  • Insurance agent An individual appointed by an insurer to solicit and service its insurance business.
  • Solicitation The act of approaching a person to buy insurance — the activity intermediaries are licensed for.

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