BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Securities and Exchange Board of India (SEBI)
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Reserve Bank of India
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Competition Commission of India
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Insurance Regulatory and Development Authority
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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: -It regulates the insurance industry and creates trust and goodwill in the market for these insurance companies.
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: -The mission statement of the IRDA is: To protect the interest and fair treatment of the policyholder. To regulate the insurance industry in fairness and ensure the financial soundness of the industry. To regularly frame regulations to ensure the industry operates without any ambiguity.
Detailed explanation-5: -What is the Regulation of the Insurance Business in India? In India, the regulation of Insurance Business is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). The Insurance Regulatory and Development Authority of India (IRDAI) regulates the insurance industry in India.