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Consider the following statements regarding Insurance Regulatory and Development Authority of India (IRDAI):
1. It was constituted upon the recommendations of the Malhotra Committee in 1999.
2. It is a statutory body.
3. It is headquartered in Hyderabad.
Which of the statements given above is/are correct?
- a)1 and 2 only
- b)2 and 3 only
- c)3 only
- d)1, 2 and 3
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Consider the following statements regarding Insurance Regulatory and D...
- The Insurance Regulatory and Development Authority of India (IRDAI) was constituted following the recommendations of the Malhotra Committee report, in 1999. Hence, statement 1 is correct.
- It was constituted as an autonomous body to regulate and develop the insurance industry.
- The IRDAI was incorporated as a statutory body in April 2000. Hence, statement 2 is correct.
- The key objectives of the IRDA include the promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums while ensuring the financial security of the insurance market.
- It is headquartered in Hyderabad. Hence, statement 3 is correct.
Most Upvoted Answer
Consider the following statements regarding Insurance Regulatory and D...
Insurance Regulatory and Development Authority of India (IRDAI)
Statement 1: It was constituted upon the recommendations of the Malhotra Committee in 1999.
This statement is correct. The Insurance Regulatory and Development Authority of India (IRDAI) was established in 1999 as a regulatory body for the insurance sector in India. It was formed based on the recommendations of the Malhotra Committee, which was set up in 1994 to propose reforms in the insurance sector.
Statement 2: It is a statutory body.
This statement is correct. The IRDAI is a statutory body established under the Insurance Regulatory and Development Authority Act, 1999. It is responsible for regulating and promoting the insurance industry in India.
Statement 3: It is headquartered in Hyderabad.
This statement is incorrect. The IRDAI is headquartered in Hyderabad, Telangana. The authority's main office is located in the financial district of Gachibowli in Hyderabad. It has jurisdiction over the entire country and is responsible for regulating insurance companies, intermediaries, and other entities operating in the insurance sector.
Summary:
- The Insurance Regulatory and Development Authority of India (IRDAI) was constituted based on the recommendations of the Malhotra Committee in 1999.
- It is a statutory body established under the Insurance Regulatory and Development Authority Act, 1999.
- The IRDAI is headquartered in Hyderabad, Telangana, and has jurisdiction over the entire country.
Statement 1: It was constituted upon the recommendations of the Malhotra Committee in 1999.
This statement is correct. The Insurance Regulatory and Development Authority of India (IRDAI) was established in 1999 as a regulatory body for the insurance sector in India. It was formed based on the recommendations of the Malhotra Committee, which was set up in 1994 to propose reforms in the insurance sector.
Statement 2: It is a statutory body.
This statement is correct. The IRDAI is a statutory body established under the Insurance Regulatory and Development Authority Act, 1999. It is responsible for regulating and promoting the insurance industry in India.
Statement 3: It is headquartered in Hyderabad.
This statement is incorrect. The IRDAI is headquartered in Hyderabad, Telangana. The authority's main office is located in the financial district of Gachibowli in Hyderabad. It has jurisdiction over the entire country and is responsible for regulating insurance companies, intermediaries, and other entities operating in the insurance sector.
Summary:
- The Insurance Regulatory and Development Authority of India (IRDAI) was constituted based on the recommendations of the Malhotra Committee in 1999.
- It is a statutory body established under the Insurance Regulatory and Development Authority Act, 1999.
- The IRDAI is headquartered in Hyderabad, Telangana, and has jurisdiction over the entire country.
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Consider the following statements regarding Insurance Regulatory and Development Authority of India (IRDAI):1. It was constituted upon the recommendations of the Malhotra Committee in 1999.2. It is a statutory body.3. It is headquartered in Hyderabad.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?
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Consider the following statements regarding Insurance Regulatory and Development Authority of India (IRDAI):1. It was constituted upon the recommendations of the Malhotra Committee in 1999.2. It is a statutory body.3. It is headquartered in Hyderabad.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding Insurance Regulatory and Development Authority of India (IRDAI):1. It was constituted upon the recommendations of the Malhotra Committee in 1999.2. It is a statutory body.3. It is headquartered in Hyderabad.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Insurance Regulatory and Development Authority of India (IRDAI):1. It was constituted upon the recommendations of the Malhotra Committee in 1999.2. It is a statutory body.3. It is headquartered in Hyderabad.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?.
Consider the following statements regarding Insurance Regulatory and Development Authority of India (IRDAI):1. It was constituted upon the recommendations of the Malhotra Committee in 1999.2. It is a statutory body.3. It is headquartered in Hyderabad.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding Insurance Regulatory and Development Authority of India (IRDAI):1. It was constituted upon the recommendations of the Malhotra Committee in 1999.2. It is a statutory body.3. It is headquartered in Hyderabad.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Insurance Regulatory and Development Authority of India (IRDAI):1. It was constituted upon the recommendations of the Malhotra Committee in 1999.2. It is a statutory body.3. It is headquartered in Hyderabad.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?.
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