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IAI Actuarial Core Principles · Business Management · Skills and knowledge for working as an actuary in financial services

Meera, a newly qualified actuary at a Mumbai life insurer, is asked to describe the role of IRDAI to a new joiner. Which description is most accurate?

IRDAI is the statutory regulator of insurance in India. It licenses insurers and protects policyholders' interests. It does not run actuarial exams (the IAI does), set accounting standards (ICAI/NFRA), or set monetary policy (the RBI).

  1. AIRDAI is the statutory regulator that licenses insurers and protects policyholders' interests in IndiaCorrect
  2. BIRDAI is the professional body that admits actuaries as members and sets their examinations
  3. CIRDAI is the body that sets accounting standards for all Indian companies
  4. DIRDAI is the central bank that sets the repo rate affecting insurers' investments
  5. IRDAI is the stock exchange regulator that supervises listed insurer shares

Explanation

IRDAI is the statutory insurance regulator. It registers insurers, supervises them and protects policyholders. Examinations and membership belong to the Institute of Actuaries of India, accounting standards to ICAI and the NFRA, and repo rates to the RBI.

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