The Insurance Regulatory and Development Authority of India (IRDAI) is the agency responsible for controlling the insurance market in India. Here are some key points about the IRDAI:

• The IRDAI is an autonomous statutory body established under the Insurance Regulatory and Development Authority Act of 1999.
• Its primary objective is to protect the interests of policyholders, regulate and promote the insurance industry, and ensure the stability and growth of the insurance market in India.
• The agency issues licenses to insurance companies, intermediaries, and other organizations involved in insurance activities.
• It regulates and supervises insurance companies, ensuring compliance with various rules and regulations, including solvency and financial soundness requirements.
• The IRDAI approves insurance products, including their terms, conditions, and pricing, to safeguard the interests of the insured.
• It also sets guidelines for the conduct of insurance business, including grievance redressal mechanisms and protection against unfair practices.
• The IRDAI plays an active role in promoting insurance awareness, consumer education, and financial literacy.

Overall, the IRDAI acts as a watchdog for the insurance market in India, ensuring transparency, fair practices, and the protection of policyholders' interests.