New Click here to Enroll for SIDBI MSME Expert Classes by Experts

    Register

    Question

    Which of the following is the objective of the IRDA Act?

    A To regulate, promote and ensure orderly growth of the insurance industry Correct Answer Incorrect Answer
    B The establishment of the Insurance Advisory Committee Correct Answer Incorrect Answer
    C To provide for the establishment of an Authority to protect the interests of holders of insurance policies Correct Answer Incorrect Answer
    D All a, b & c Correct Answer Incorrect Answer
    E Both a & c Correct Answer Incorrect Answer

    Solution

    An Act to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972.

    Practice Next