The Full form of IRDA is Insurance Regulatory and Development Authority of India. IRDAI is an autonomous, statutory body run by Government of India and is tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. IRDA is headquartered in Hyderabad (now in Telangana) since 2001. It was shifted there from Delhi. IRDAI is a 10-member body including the chairman, five full-time and four part-time members which is appointed by the government of India. The functions of the IRDAI are defined in Section 14 of the IRDAI Act, 1999, which are: Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations, Protecting policyholder interests, Specifying requisite qualifications, code of conduct and training for insurance intermediaries and agents, Supervising the functioning of the Tariff Advisory Committee. Regulating investment of funds by insurance companies, Adjudicating the disputes between insurers and insurance intermediaries, Preventing frauds and misspelling of insurance products, Ensuring speedy settlement of claims, Promoting efficiency in the conduct of insurance businesses, Promoting and regulating professional organisations connected with the insurance and re-insurance industry, Levying fees and other charges.