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With reference to Insurance Regulatory and Development Authority (IRDA), consider the following statements:
1. It is a regulatory body under the jurisdiction of the Ministry of Commerce and Industry.
2. It protects the interests of the policyholder and regulates the insurance industry.
2. It protects the interests of the policyholder and regulates the insurance industry.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
With reference to Insurance Regulatory and Development Authority (IRDA...
Statement 1 is not correct: The Insurance Regulatory and Development Authority of India is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India.
Statement 2 is correct: The Government of India was the regulator for the insurance industry until 2000. However, to institute a stand-alone apex body, the IRDA was established in 2000 following the recommendation of the Malhotra Committee report in 1999. The main objective of the IRDA is to protect the interests of the policyholder and regulate the insurance industry.
Statement 2 is correct: The Government of India was the regulator for the insurance industry until 2000. However, to institute a stand-alone apex body, the IRDA was established in 2000 following the recommendation of the Malhotra Committee report in 1999. The main objective of the IRDA is to protect the interests of the policyholder and regulate the insurance industry.
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With reference to Insurance Regulatory and Development Authority (IRDA...
Statement 1 is not correct: The Insurance Regulatory and Development Authority of India is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India.
Statement 2 is correct: The Government of India was the regulator for the insurance industry until 2000. However, to institute a stand-alone apex body, the IRDA was established in 2000 following the recommendation of the Malhotra Committee report in 1999. The main objective of the IRDA is to protect the interests of the policyholder and regulate the insurance industry.
Statement 2 is correct: The Government of India was the regulator for the insurance industry until 2000. However, to institute a stand-alone apex body, the IRDA was established in 2000 following the recommendation of the Malhotra Committee report in 1999. The main objective of the IRDA is to protect the interests of the policyholder and regulate the insurance industry.
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With reference to Insurance Regulatory and Development Authority (IRDA), consider the following statements:1. It is a regulatory body under the jurisdiction of the Ministry of Commerce and Industry.2. It protects the interests of the policyholder and regulates the insurance industry.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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