What is the function of IRDA?

A Plan for Financial Inclusion
B Provide relief packages to the Farmers
C Regulate insurance business in India
D Hiring & Purchasing assets

Correct Answer: Regulate insurance business in India

The function of IRDA is to regulate insurance business in India. For many years the insurance sector of India was protected. The IRDA Act of 1999 allowed the entry of private companies in the insurance sector. It also allowed for 26% investment by foreign companies.
Bissoy MCQ
#Commerce #Insurance

Related Questions

With the objective of opening the insurance sector for private participation the Insurance Regulatory and Development Authority Act (IRDA) was passed in:
A the year 2005
B the year 1999
C the year 1998
D the year 1990
As per IRDA regulations issued, what is the grace period allowed beyond the expiry date of a policy for renewal?
A 10 days
B 30 days
C 45 days
D 60 days
Which of the following is untrue as per IRDA’s regulations on non-par policies?
A The benefits shall be stated at the outset
B The benefits shall be linked to some index
C The additional benefit under these policies shall be laid out at the outset
D The return shall be stated at the beginning of the contract itself
As per IRDA, which of the following non-traditional products are permitted to be sold?
A Variable insurance plans
B Unit Linked insurance plans
C Both A & B
D None of the above
What is the time limit set for an insurer by IRDA Regulations for calling for documents from the date of receipt of claim intimation?
A 5 days
B 10 days
C 15 days
D 30 days
What is the time limit set for an insurer by IRDA Regulations for settling non-early claims from date of receipt of all documents.
A 5 days
B 10 days
C 15 days
D 30 days
Which function among the following lets to register a function to be invoked once?
A setTimeout()
B setTotaltime()
C setInterval()
D settime()
Which function among the following lets to register a function to be invoked repeatedly after a certain time?
A setTimeout()
B setTotaltime()
C setInterval()
D settime()
Which is the function that calls another function after a time interval?
A setTimeout()
B setTime()
C callafter()
D timeSet()
Which is the function used to call a function in every time duration?
A callafter()
B setInterval()
C setTimeout()
D setTime()

Next steps