BANKING AFFAIRS

Detailed explanation-1: -Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India.

Detailed explanation-2: -The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous regulatory body that protects the interests of the policyholder. They oversee the growth of the insurance sector in India, the requirements that different types of insurance policies project, and help maintain a speedy development.

Detailed explanation-3: -The correct answer is IRDA. IRDAI (Insurance Regulatory and Development Authority of India) controls the insurance business of India. IRDIA is a statutory regulatory body. It was formed under Insurance Regulatory and Development Authority Act, 1999.

Detailed explanation-4: -Insurance is regulated by the states. This system of regulation stems from the McCarran-Ferguson Act of 1945, which describes state regulation and taxation of the industry as being in “the public interest” and clearly gives it preeminence over federal law. Each state has its own set of statutes and rules.

Detailed explanation-5: -Insurance Regulatory and Development Authority of India or the IRDAI (also referred to as IRDA) is a government body responsible for regulating and developing the insurance industry in India.