Question

Insurance Regulatory and Development Authority of India(IRDAI) was recently in news. Consider the following statements regarding IRDAI:
$1$. It is an autonomous and statutory body created by IRDA Act, $1999$.
$2$. The primary functions of IRDAI include regulating the insurance industry and protects the customers.
$3$. It was created based on the recommendations of the Rangarajan Committee.
Which of the given statements are correct?

• A. $1$ and $2$ only
• B. $2$ and $3$ only
• C. $1$ and $3$ only
• D. $1,2$ and $3$

Answer 1

The correct option is A $1$ and $2$ only

IRDA is an autonomous and statutory body created by IRDA Act $1999$ whose primary function include regulating the insurance industry and protects the customers.

So, only $1$ and $2$ statements are correct.