Name the organisation, which regulates the Indian insurance industry to protect the interests of the policyholders and work for the orderly growth of the industry.

BANKING GENERAL KNOWLEDGE

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

A	IRDAI
B	RBI
C	SEBI
D	NABARD

Explanation:

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: -The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous regulatory body that protects the interests of the policyholder.

Detailed explanation-3: -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-4: -The Authority acts as the regulator of the insurance industry in India and oversees the functioning of the Life Insurance and General Insurance companies operating in the country. The main objective of the IRDA is to protect the interests of the policyholder and regulate the insurance industry.

Detailed explanation-5: -Structure of IRDA IRDA is a ten-member body that consists of: One Chairman (for five years and maximum age of 60 years) Five whole-time members (for five years and maximum age of 62 years) Four part-time members (not more than five years) The chairman and the members of IRDA are appointed by the Government of India.

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