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Question

Consider the following statement about Insurance Regulatory and Development Authority of India (IRDAI): 

1.    Its primary purpose is to protect the rights of the policyholders in India.

2.    It gives the registration certificate to insurance companies in the country.

3.    It also creates regulations to protect policyholders interests in India.

Which of the above statement is not a function of the IRDAI?

A Both 1 and 2 Correct Answer Incorrect Answer
B Both 2 and 3 Correct Answer Incorrect Answer
C Both 1 and 3 Correct Answer Incorrect Answer
D Only 3 Correct Answer Incorrect Answer
E All three are functions of IRDAI Correct Answer Incorrect Answer

Solution

The functions of the IRDA are listed below:

  • Its primary purpose is to protect the rights of the policyholders in India.
  • It gives the registration certificate to insurance companies in the country.
  • It also engages in the renewal, modification, cancellation, etc. of this registration.
  • It also creates regulations to protect policyholders’ interests in India.

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