Question : Who is the regulator of the insurance sector in India?
Option 1: IRDAI
Option 2: RBI
Option 3: SEBI
Option 4: PFRDA
Correct Answer: IRDAI
Solution : The correct answer is (a) IRDAI (Insurance Regulatory and Development Authority of India).
The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body responsible for overseeing and regulating the insurance industry in India. It was established in 1999 under the Insurance Regulatory and Development Authority Act, 1999. IRDAI's primary functions include issuing licenses to insurance companies, framing regulations for the conduct of insurance business, protecting the interests of policyholders, promoting insurance awareness, and ensuring the stability and development of the insurance sector in India. Therefore, option a. IRDAI is the correct answer.
