New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    What is the role of the Insurance Regulatory and

    Development Authority of India (IRDAI) in the insurance sector?
    A To issue licenses to insurance companies to operate in India Correct Answer Incorrect Answer
    B To regulate the insurance sector and ensure fair practices Correct Answer Incorrect Answer
    C To provide financial assistance to insurance policyholders Correct Answer Incorrect Answer
    D To promote the growth of the insurance sector in India Correct Answer Incorrect Answer
    E All of the above Correct Answer Incorrect Answer

    Solution

    The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body for the insurance sector in India. Its role is to regulate, promote, and ensure fair practices in the insurance sector. The IRDAI issues licenses to insurance companies to operate in India, ensures that insurance companies comply with regulations, and takes action against companies that violate regulations. The IRDAI also protects the interests of policyholders and promotes the growth of the insurance sector in India. Hence, option B is correct.

    Practice Next