CSEET · Economic and Business Environment · Key Government Institutions
Which statement about the Insurance Regulatory and Development Authority of India (IRDAI) is correct?
IRDAI is the statutory regulator of insurance in India. It protects the interests of policyholders and promotes the orderly growth of the insurance industry. Pension regulation is done by PFRDA, government audit by the CAG, and securities market regulation by SEBI.
- AIt regulates and promotes the orderly growth of the insurance industry and protects policyholders' interestsCorrect
- BIt manages the National Pension System and its subscribers' accounts
- CIt audits the accounts of the Union and State governments
- DIt regulates the securities market and stock exchanges
Explanation
IRDAI is the statutory insurance regulator whose mandate includes protecting policyholders and ensuring orderly growth of insurance. Pension regulation is PFRDA's role, government audit is CAG's, and securities regulation is SEBI's.
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