BANKING AFFAIRS

Detailed explanation-1: -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: -1) The full form of IRDA is Insurance Regulatory and Development Authority of India. It is an entity owned by the India Government; it controls India’s insurance industry.

Detailed explanation-3: -Objectives of IRDA: To promote the interest and rights of policy holders. To promote and ensure the growth of Insurance Industry. To ensure speedy settlement of genuine claims and to prevent frauds and malpractices. To bring transparency and orderly conduct of in financial markets dealing with insurance.

Detailed explanation-4: -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.