GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RBI
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SEBI
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IRDA
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IRDAI
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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 mission statement of the IRDA is: To protect the interest and fair treatment of the policyholder. To regulate the insurance industry in fairness and ensure the financial soundness of the industry. To regularly frame regulations to ensure the industry operates without any ambiguity.
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.