India

The IRDAI is an independent statutory organization which was created by the Government of India through the IRDA Act of 1999. It operates under the administrative authority of the Ministry of Finance and works as the main regulator for life insurance, general insurance, health insurance, reinsurance corporations, insurance intermediaries, and insurance marketing organizations.

Licensing and regulating life insurers, general insurers, health insurers, reinsurers, and insurance intermediaries. Protecting policyholders' rights through grievance redressal, behavior regulation, product regulation, and consumer education programs. Requires insurance firms to meet requirements concerning adequacy of capital, solvency margins, corporate governance, risk management, investment practices, accounting and actuarial standards. Facilitates the growth of the insurance industry and encourages innovation within it. Deals with governance laws in relation to board structure, key management personnel, risk management committee, internal control, outsourcing, and business continuity. Involves compliance with Know Your Customer (KYC) norms, customer due diligence, beneficiary ownership verification, sanctions check, suspicious transaction reporting, and AML/CFT norms under the Prevention of Money Laundering Act, 2002, and IRDAI regulations. Inspects and monitors insurers' financial stability through inspection, surveillance, and enforcement where regulatory infractions exist.