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SHORT ANSWER: The Insurance Regulatory and Development Authority of India (IRDAI) enforces regulations through guidelines, inspections, and penalties. DETAILS: - IRDAI issues regulations and guidelines for insurance companies to ensure compliance. - It conducts inspections and audits of insurance companies to monitor adherence to laws. - It has the authority to impose penalties for violations of insurance regulations. PUNISHMENT / IMPLICATIONS (if applicable): - Penalties can include fines, suspension of licenses, or other disciplinary actions against insurers. SOURCE: - Insurance Act, 1938 / IRDAI
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