CameraIcon

SearchIcon

MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Business Studies

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

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

IRDI

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

IDBI

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

IRDA

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

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.

Suggest Corrections

thumbs-up

0

Similar questions

Q. Which of the following is the main regulatory authority for insurance companies in India?

Q. Insurance Regulatory and Development Authorities Act come in to effect in ____________.

Q. As per the news published in various newspapers, the government is planning to set up a regulatory body in the educational field, especially for ____________.

Q. 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?

Q. To simplify the regulatory framework the Government introduced the Ease of Doing Business wherein an MSME unit has to fill in a one page self-declaration online form called _______.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Introduction to Consumer Protection

BUSINESS STUDIES

Watch in App

explore_more_icon

Explore more

Importance of Consumer Protection for Consumers

Standard XII Business Studies

Join BYJU'S Learning Program

CrossIcon