NTA UGC NET _ Commerce: UNIT 07 - Banking and Financial Institutions (PART 02)

 

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UNIT 07

Banking and Financial Institutions

PART 02

 

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When was IRDA established?
(a) 1965
(b) 1954
(c) 1999
(d) 2001

 

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IRDA

 

• Insurance Regulatory and Development Authority of India

 

• Government body responsible for regulating and developing the insurance industry in India.

 

• It is an autonomous, statutory body. 

 

• It was established by the Insurance Regulatory and Development Authority Act, 1999.

• It was established after the recommendations of Malhotra Committee report of 1994.

• Headquartered in Hyderabad in Telangana 

 The functions of the IRDA are listed below:

 

• Its primary purpose is to protect the rights of the policyholders in India.

 

• It gives the registration certificate to insurance companies in the country.

• To ensure continued financial soundness and solvency

• To eliminate dishonest and unhealthy competition

• It also engages in the renewal, modification, cancellation, etc. of this registration.

• It also creates regulations to protect policyholders’ interests in India.

• Supervise the activity of intermediaries.

• To promote clean and orderly conduct of insurance business 

 

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