<h1>IRDAI Conducts Comprehensive Oversight of Private Insurers with Strict Compliance Measures and Penalties Under Insurance Laws (Amendment) Act, 2015.</h1> The Insurance Regulatory and Development Authority of India (IRDAI) evaluates private insurance companies through various measures, including annual reviews of financial statements, corporate governance, management expenses, and commission payments. They also monitor unclaimed policyholder amounts biannually and review statutory auditor compliance annually. Quarterly solvency returns for non-life insurers are analyzed, and ongoing offsite monitoring includes monthly to annual reviews of performance metrics. Periodic onsite inspections ensure regulatory compliance, with corrective actions taken for any violations. IRDAI's annual report, presented to Parliament, details sector performance and regulatory actions. The Insurance Laws (Amendment) Act, 2015, empowers IRDAI to impose significant penalties for legislative violations.