Question : Insurance sector in India is regulated by:
Option 1: RBI
Option 2: CII
Option 3: IRDA
Option 4: SEBI
Correct Answer: IRDA
Solution : The correct option is IRDA.
The Insurance Regulatory and Development Authority of India (IRDAI) oversees the insurance industry in India.. According to the Insurance Regulatory and Development Authority Act of 1999, IRDAI is a self-governing, statutory organization. In addition to ensuring fair practices, defending the rights of policyholders, and fostering the expansion and development of the insurance sector, it is in charge of regulating and overseeing the Indian insurance market.
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