Explanation:

The IRDAI is a regulatory body that falls under the ambit of the Ministry of Finance. This organization is responsible for licencing and regulating the insurance and reinsurance sectors in India. It was constituted under the Insurance Regulatory and Development Authority Act of 1999. The agency’s headquarters have been in Hyderabad since 2001 when it relocated from Delhi. The chairman, as well as five full-time and four part-time members selected by the Indian government, constitute the IRDAI.