ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What statements are true about the NIAC?
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it consists of all state and territorial insurance commissioners or regulators
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it consists of only state commissioners or regulators
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The NIAC has no legal authority to enact or enforce insurance laws
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The NIAC does have legal authority to enact or enforce insurance laws
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Explanation:
Detailed explanation-1: -1. The objective of supervision as stated in the preamble to the IRDAI Act is “to protect the interests of holders of Insurance policies, to regulate, promote and ensure orderly growth of the Insurance industry”, both Insurance and Reinsurance business.
Detailed explanation-2: -IRDAI works as an autonomous body responsible for managing and regulating the insurance and reinsurance industry in India along with registering and/or licensing insurance, reinsurance companies and intermediaries according to the regulations. Some purposes of IRDAI are: To protect the interest of the policyholders.
Detailed explanation-3: -Prohibition of transaction of insurance business by certain persons.
There is 1 question to complete.