The Insurance Regulatory and Development Authority (IRDA) is a government agency in India responsible for regulating and promoting the insurance industry. Established in 1999, its primary role is to protect policyholders' interests, ensure the financial stability of insurance companies, and promote fair competition among insurers. IRDA formulates policies and guidelines for the insurance sector, overseeing the licensing of insurance providers and agents. It also monitors the financial health of insurance companies to ensure they can meet their obligations to policyholders. By fostering a transparent and efficient insurance market, IRDA aims to enhance public confidence in the industry.