Which of the following is a key responsibility of IRDAI?
Show answer & explanation
Correct answer: A
Explanation
Answer: Protecting the interests of insurance policyholders
Explanation: The IRDAI is the apex regulatory body for insurance in India. Its primary responsibility is to regulate and promote the insurance sector while ensuring the protection of policyholders’ interests. It also ensures fair practices, financial stability of insurers, and orderly growth of the insurance industry.
Additional Key Points:
IRDAI was established under the IRDA Act, 1999.
It regulates life insurance, general insurance, and reinsurance companies.
It issues licenses to insurance companies and agents.
Headquarters: Hyderabad.
It promotes transparency and efficiency in the insurance sector.
Potential Exam-Oriented Questions & Answers:
Question: IRDAI regulates which sector?
Answer: Insurance sector
Question: Where is the headquarters of IRDAI located?
Answer: Hyderabad