Q. Under which section of the Insurance Act, 1938, are the Insurance Councils formed?

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Q. What is the role of the Insurance Regulatory and Development Authority (IRDA)?

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Q. How is insurance defined?

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Q. What financial relationship exists between the insured and the insurer in the context of insurance?

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Q. What does an insurer agree to do in exchange for payments from the insured?

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Q. What is premium in the context of insurance?

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Q. Who is an insured in the insurance context?

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Q. What is the purpose of the Insurance Regulatory and Development Authority (IRDA), as stated in the Preamble of the IRDA Act, 1999?

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Q. How did the IRDA Act impact existing legislation such as the Insurance Act, 1938, the Life Insurance Corporation Act, 1956, and the General Insurance Business (Nationalisation) Act, 1972?

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Q. What are the main objectives of the IRDA?

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Q. How is a regulator defined?

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Q. What is the composition of the Insurance Regulatory and Development Authority (IRDA)?

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Q. How are the members of the IRDA appointed?

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Q. What are the full-time members of the IRDA?

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Q. Where is IRDA situated, and what is its website address?

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Q. What is one of the purposes of forming the IRDA,?

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Q. What is the objective of ensuring speedy settlement of genuine claims?

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Q. What powers and functions does Section 14 of the IRDA Act, 1999 specify for IRDA?

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Q. What does IRDA have the duty to regulate, promote, and ensure, according to Section 14 of the IRDA Act, 1999?

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Q. What are some of the powers and functions of IRDA as specified in Section 14 of the IRDA Act, 1999?

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