The Insurance Regulatory and Development Authority of India ( IRDAI ) is an autonomous and statutory body under the Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. [1] . What does IRDAI mean? Insurance Regulatory and Development Authority of India ( IRDAI ) is an autonomous agency that governs and regulates insurance industry in India. The Insurance Regulatory and Development Authority of India ( IRDAI ) is an autonomous statutory body established in 1999 to regulate and develop the Indian insurance sector. हिंदी में पढ़ें. Insurance is like a safety net that protects you and your loved ones from unexpected financial hardships. We would like to show you a description here but the site won’t allow us.