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Which of the following are among the powers and functions of the Insurance Regulatory and Development Authority of India (IRDAI)?
(I) Specifying the code of conduct for insurance intermediaries and agents.
(II) Regulating the rates and conditions for life insurance policies.
(III) Adjudicating disputes between insurers and stockbrokers.
(IV) Regulating the investment of funds by banks.
(I) Specifying the code of conduct for insurance intermediaries and agents.
(II) Regulating the rates and conditions for life insurance policies.
(III) Adjudicating disputes between insurers and stockbrokers.
(IV) Regulating the investment of funds by banks.
- a)l and ll
- b)ll and lll
- c)lll and lV
- d)l, ll, lll and lV
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Which of the following are among the powers and functions of the Insur...
(I) Specifying the code of conduct for insurance intermediaries and agents is a power and function of IRDAI. This helps to ensure that the intermediaries and agents follow ethical practices and maintain transparency in their dealings with customers.
(II) Regulating the rates and conditions for life insurance policies is also a power and function of IRDAI. This helps to ensure that the insurance companies do not charge exorbitant premiums and offer fair terms and conditions to policyholders.
(III) Adjudicating disputes between insurers and stockbrokers is not related to the functions of IRDAI. This falls under the jurisdiction of other regulatory bodies such as SEBI (Securities and Exchange Board of India).
(IV) Regulating the investment of funds by banks is also not related to the functions of IRDAI. This falls under the jurisdiction of other regulatory bodies such as RBI (Reserve Bank of India).
(II) Regulating the rates and conditions for life insurance policies is also a power and function of IRDAI. This helps to ensure that the insurance companies do not charge exorbitant premiums and offer fair terms and conditions to policyholders.
(III) Adjudicating disputes between insurers and stockbrokers is not related to the functions of IRDAI. This falls under the jurisdiction of other regulatory bodies such as SEBI (Securities and Exchange Board of India).
(IV) Regulating the investment of funds by banks is also not related to the functions of IRDAI. This falls under the jurisdiction of other regulatory bodies such as RBI (Reserve Bank of India).
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Which of the following are among the powers and functions of the Insur...
Introduction
The Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in regulating and promoting the insurance sector in India. Understanding its powers and functions is essential for any exam related to banking and finance.
Powers and Functions of IRDAI
IRDAI has a defined set of powers and functions, which include:
Correct Answer Analysis
Given the above functions, the correct options that align with IRDAI's powers are:
- I: Specifying the code of conduct for insurance intermediaries and agents.
- II: Regulating the rates and conditions for life insurance policies.
Thus, the correct answer is option A (I and II), as they accurately reflect the roles of IRDAI. Options III and IV do not pertain to IRDAI's responsibilities.
The Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in regulating and promoting the insurance sector in India. Understanding its powers and functions is essential for any exam related to banking and finance.
Powers and Functions of IRDAI
IRDAI has a defined set of powers and functions, which include:
- Specifying Code of Conduct (I): One of the primary functions of IRDAI is to establish a code of conduct for insurance intermediaries and agents. This ensures ethical practices and maintains the integrity of the insurance sector.
- Regulating Life Insurance Policies (II): The authority is responsible for regulating the rates and conditions of life insurance policies. This helps create a fair and transparent market for policyholders.
- Adjudicating Disputes (III): While IRDAI does handle various disputes, its focus is primarily on issues between insurers and policyholders rather than stockbrokers. Therefore, this function does not fall under IRDAI’s mandate.
- Regulating Bank Investments (IV): IRDAI does not regulate the investment of funds by banks. This function generally falls under the purview of the Reserve Bank of India (RBI).
Correct Answer Analysis
Given the above functions, the correct options that align with IRDAI's powers are:
- I: Specifying the code of conduct for insurance intermediaries and agents.
- II: Regulating the rates and conditions for life insurance policies.
Thus, the correct answer is option A (I and II), as they accurately reflect the roles of IRDAI. Options III and IV do not pertain to IRDAI's responsibilities.
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Which of the following are among the powers and functions of the Insurance Regulatory and Development Authority of India (IRDAI)?(I) Specifying the code of conduct for insurance intermediaries and agents.(II) Regulating the rates and conditions for life insurance policies.(III) Adjudicating disputes between insurers and stockbrokers.(IV) Regulating the investment of funds by banks.a)l and llb)ll and lllc)lll and lVd)l, ll, lll and lVCorrect answer is option 'A'. Can you explain this answer?
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