What is the primary function of the "Insurance Regulatory Authority"?

The primary function of the Insurance Regulatory Authority is to oversee the insurance industry and ensure compliance with legal and regulatory standards. This involves monitoring insurance companies to make sure they operate within the bounds of the law, protecting consumers' interests, and ensuring that insurers maintain the necessary financial stability to pay out claims. This role provides a framework for a fair and competitive market, helping to foster trust and stability within the insurance sector.

While other options may touch upon aspects of the insurance industry, they do not capture the comprehensive role of regulatory oversight that the authority is tasked with. Managing premiums could be part of its functions indirectly, but it is not the primary focus. Providing immediate insurance for emergencies is not a function of the regulatory authority, as it is more about compliance and oversight rather than service provision. Similarly, establishing new insurance policies falls under the domain of insurance companies and their product development teams rather than a regulatory body, which focuses on enforcement and regulation rather than creation of products.