The full form of IRDA is the Insurance Regulatory and Development Authority. It is the regulatory body that controls the functioning of insurance companies in India. IRDA is the regulatory body for the insurance sector in India. It protects policyholders' interests, promotes the market growth, and conducts the IRDAI exam for Assistant Manager recruitment. We would like to show you a description here but the site won’t allow us. IRDA Full Form Insurance Regulatory and Development Authority of India, commonly known as, IRDA , is the supreme authority that authorizes the insurance business in India.