CURRENT AFFAIRS

Detailed explanation-1: -Headed by G Srinivasan, Director, National Insurance Academy, the group comprises members from public and private insurance companies and Irdai, the sectoral regulator said in a circular.

Detailed explanation-2: -The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous regulatory body that protects the interests of the policyholder. They oversee the growth of the insurance sector in India, the requirements that different types of insurance policies project, and help maintain a speedy development.

Detailed explanation-3: -Governments issue government bonds or securities either to fund certain development or operational activities or when it is going through a liquidity crisis.

Detailed explanation-4: -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.