Consider the following statements regarding the Insurance Regulatory and Development Authority of India (IRDAI): It is anautonomousandstatutory bodyestablished under theIRDA Act 1999. The Chairman and members of IRDAI are appointed by the Government of India.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 'C'. Can you explain this answer?

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Consider the following statements regarding the Insurance Regulatory and Development Authority of India (IRDAI):

It is an autonomous and statutory body established under the IRDA Act 1999.
The Chairman and members of IRDAI are appointed by the Government of India.

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 'C'. Can you explain this answer?

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Consider the following statements regarding the Insurance Regulatory a...

IRDAI (Insurance Regulatory and Development Authority of India) recently asked insurance companies to lay down social media guidelines for their employees.

About Insurance Regulatory and Development Authority of India (IRDAI):

It is an autonomous and statutory body established under the IRDA Act 1999.
It is the apex body that supervises and regulates the insurance sector in India.
Objective: To protect the interests of policyholders, to regulate, promote and ensure orderly growth of the insurance industry in India.
Nodal Ministry: Ministry of Finance
Head Office: Hyderabad.
Composition: IRDAI is a 10-member body- a Chairman, five full-time members, and four part-time members appointed by the Government of India.
Functions:
Fair regulation of the insurance industry while ensuring the financial soundness of the applicable laws and regulations;
Frame regulations periodically so that there is no ambiguity in the insurance industry;
Registering and regulating insurance companies;
Protecting policyholders' interests;
Licensing and establishing norms for insurance intermediaries;
Promoting professional organizations in insurance;
Regulating and overseeing premium rates and terms of non-life insurance covers;
Specifying financial reporting norms of insurance companies;
Regulating investment of policyholders' funds by insurance companies;
Ensuring the maintenance of solvency margin by insurance companies;
Ensuring insurance coverage in rural areas and of vulnerable sections of society;

Hence both statements are correct.

Answered by Notes Wala · View profile

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Consider the following statements regarding the Insurance Regulatory and Development Authority of India (IRDAI): It is anautonomousandstatutory bodyestablished under theIRDA Act 1999. The Chairman and members of IRDAI are appointed by the Government of India.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 'C'. Can you explain this answer?

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