BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Registering and regulating insurance companies
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Promoting professional organisations in insurance.
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Regulating investment of policyholders’ funds by insurance companies.
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All of the above
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Detailed explanation-1: -The IRDA Authority has the duty to promote, regulate and ensure orderly growth of the insurance and re-insurance businesses across India, subject to the provisions of this Act and any other additional law that is being enforced.
Detailed explanation-2: -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-3: -The Insurance act, 1938 is the predecessor of the IRDA Act, 1999. Explanation: The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.