What is the primary role of the Insurance Regulatory and Development Authority (IRDA) in India?

To govern and supervise the insurance industry, ensuring the protection of policyholders' interests and promoting growth within the sector.

The IRDA was established following the recommendations of which committee?

The Malhotra Committee, which submitted its report on January 7, 1994.

Fill in the blanks: IRDA is responsible for issuing registration certificates to ___ and regulating them.

Insurance companies

True or False: The current headquarters of IRDA is located in New Delhi.

False. The headquarters were shifted to Hyderabad, Telangana in 2001.

How does the Ministry of Corporate Affairs contribute to corporate governance in India?

By administering the Companies Act and overseeing professional bodies to ensure proper growth and compliance in the corporate sector.

What significant recommendations did the Naresh Chandra Committee make regarding auditors?

Recommendations included auditor independence standards, compulsory audit partner rotation, and disclosure of contingent liabilities.

What is the significance of having independent directors on audit committees according to the Naresh Chandra Committee?

Independent directors enhance the effectiveness and accountability of the audit process, ensuring transparency in financial reporting.

True or False: Conglomerates are formed to focus on a single industry and reduce operational complexity.

False. Conglomerates are formed to diversify risk by participating in unrelated businesses.

What are the two primary reasons for the formation of conglomerates?

To diversify risk across unrelated businesses and to expand within an industry by including suppliers and product purchasers.

Fill in the blanks: The IRDA consists of a ten-member body including one chairman and ___ whole-time members.

Five

What role does the Ministry of Corporate Affairs play in relation to the Competition Act, 2002?

It administers the Competition Act to ensure fair competition and protect consumer interests in the corporate sector.