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    Question

    Under the IRDA Act, 1999, the Insurance Regulatory and

    Development Authority of India (IRDAI) is composed of how many members, including the Chairperson?
    A 5 members Correct Answer Incorrect Answer
    B 7 members Correct Answer Incorrect Answer
    C 10 members Correct Answer Incorrect Answer
    D 12 members Correct Answer Incorrect Answer
    E 15 members Correct Answer Incorrect Answer

    Solution

    According to Section 4 of the IRDA Act, 1999 , the IRDAI shall consist of: · One Chairperson · Not more than five whole-time members · Not more than four part-time members Thus, the maximum total strength of the Authority is 10 members . IRDAI is a statutory regulatory body that governs insurance companies, intermediaries, and policyholder protection in India.

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