Insurance companies in India are regulated by

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	AMFI
B	IRDA
C	SEBI
D	RBI

Explanation:

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: -There are 24 Life Insurance companies registered with IRDAI.

Detailed explanation-3: -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-4: -The IRDAI Act provides a complete regulation of the insurance sector in India (all the insurance business in India is regulated by IRDAI).

There is 1 question to complete.