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    Question

    Under the Insurance Act, 1938, which authority is

    responsible for regulating and supervising the insurance sector in India?
    A Reserve Bank of India (RBI) Correct Answer Incorrect Answer
    B Securities and Exchange Board of India (SEBI) Correct Answer Incorrect Answer
    C Insurance Regulatory and Development Authority of India (IRDAI) Correct Answer Incorrect Answer
    D Ministry of Finance Correct Answer Incorrect Answer

    Solution

    The Insurance Regulatory and Development Authority of India (IRDAI) is the statutory body established under the IRDA Act, 1999 to regulate, promote, and ensure orderly growth of the insurance sector in India. While the Insurance Act, 1938 governs the framework of insurance business, IRDAI is empowered to: • Issue licenses to insurers and intermediaries • Regulate premium rates • Protect policyholders’ interests • Monitor financial health of insurance companies

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