3. What is IRDA

Question

3. What is IRDA

Accepted Answer

IRDA stands for Insurance Regulatory and Development Authority of India.

IRDA is a regulatory body that oversees the insurance industry in India.
It was established in 1999 under the IRDA Act.
IRDA's main functions include issuing licenses to insurance companies, regulating premiums, and protecting policyholders' interests.
It also promotes the development of the insurance industry in India.
IRDA has the power to impose penalties on insurance companies that violate its regulations.
IRDA has introduced several initiatives to increase insurance penetration in India, such as the Insurance Repository System and the e-insurance account.
IRDA has also introduced guidelines for insurance companies to offer products that cater to the needs of specific customer segments, such as micro-insurance and health insurance for senior citizens.

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