CSEET · Economic and Business Environment · Key Government Institutions
Which of the following is the principal regulatory and developmental function of the Insurance Regulatory and Development Authority of India (IRDAI)?
IRDAI's principal function is to protect the interests of policyholders and to regulate, promote and ensure orderly growth of the insurance industry. Securities markets are regulated by SEBI, pensions by PFRDA and banks by the RBI, so those options do not describe IRDAI.
- ARegulating stock exchanges and listed companies
- BProtecting policyholders' interests and regulating and promoting the insurance industryCorrect
- CRegulating pension funds under the National Pension System
- DRegulating banks and issuing currency notes
Explanation
IRDAI is the statutory body established under the IRDA Act, 1999 to protect policyholders and to regulate and develop the insurance sector. Regulating stock exchanges is SEBI's role, pension regulation belongs to PFRDA, and banking regulation belongs to the RBI.
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