What is IRDA in and how work?

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Accepted Answer

IRDA stands for Insurance Regulatory and Development Authority. It is a regulatory body that oversees the insurance industry in India.

IRDA regulates the insurance industry in India to ensure fair practices and protect the interests of policyholders.
It issues licenses to insurance companies, monitors their financial performance, and enforces regulations.
IRDA also promotes the development of the insurance sector by introducing new products and improving customer awareness.
For example, IRDA introduced the concept of health insurance portability to allow policyholders to switch insurers without losing benefits.