CURRENT AFFAIRS

Detailed explanation-1: -The Insurance Regulatory and Development Authority of India (Irdai) on Friday approved amendments to rules on registering insurance companies and investing in them.

Detailed explanation-2: -The applicant should be a registered business entity under the Ministry of Corporate Affairs. It means that the applicant should either be an LLP, an OPC or a private limited company. The applicant organization’s net worth should be at least 5 lakh rupees to open a single branch of IMF.

Detailed explanation-3: -Section 4 of the IRDAI Act 1999 specifies the authority’s composition. It is a ten-member body consisting of a chairman, five full-time and four part-time members appointed by the government of India.

Detailed explanation-4: -Insurance Marketing Firm (IMF) is the new distribution channel approved by IRDAI based on the recommendation of Govardhan Committee report submitted in 2007 to allow eligible Applicants to become Insurance Marketing Firm as per the prescribed Regulations and have multiple tie-ups with insurers.