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Importance of Consumer Protection for Consumers

What is the g...

Question

What is the governing body for defining regulatory frameworks in the insurance sector?

A

NHAI

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B

IRDI

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C

IDBI

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D

IRDA

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Solution

The correct option is D IRDA
IRDA or Insurance Regulatory & Development Authority is a statutory body formed by the Parliament to supervise activities in the insurance sector. It seeks to promote competition among the players in the market so as better consumer satisfaction and security.

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