What do you know about IRDA?

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Accepted Answer

IRDA stands for Insurance Regulatory and Development Authority of India.

IRDA is a statutory body that regulates and promotes the insurance industry in India.
It was established in 1999 under the IRDA Act.
IRDA issues licenses to insurance companies, approves their products, and monitors their performance.
It also protects the interests of policyholders and ensures fair treatment by insurance companies.
IRDA has the power to impose penalties and take legal action against insurance companies that violate regulations.
Some of the key functions of IRDA include promoting competition, ensuring solvency of insurance companies, and promoting consumer education.
IRDA has also introduced several initiatives to increase insurance penetration in India, such as the Micro Insurance and Health Insurance Regulations.

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