Question

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

a.

To maximize profits of insurance companies

b.

To regulate and promote the orderly growth of the insurance industry

c.

To establish a monopoly in the insurance sector

d.

To minimize policyholders' interests

Posted under IC 14 Regulations of Insurance Business

Answer: (b).To regulate and promote the orderly growth of the insurance industry Explanation:The purpose of IRDA, as stated in the Preamble, is to regulate, promote, and ensure the orderly growth of the insurance industry.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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?

View solution

Q. What are the main objectives of the IRDA?

View solution

Q. How is a regulator defined?

View solution

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

View solution

Q. How are the members of the IRDA appointed?

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

Q. What is one of the duties of IRDA concerning the rates, advantages, terms, and conditions offered by insurers in respect of general insurance business?

View solution

Q. What does IRDA regulate concerning the investment of funds by insurance companies?

View solution

Q. What power does IRDA have in adjudicating disputes between insurers and intermediaries or insurance intermediaries?

View solution

Q. What are some examples of regulations issued by IRDA?

View solution

Q. What regulations were issued by IRDA related to health services for third-party administrators?

View solution

Q. According to the Motor Vehicles Act, 1988, what is required for a motor vehicle to be used in a public place?

View solution

Q. What does Chapter (XI) of the Motor Vehicles Act, 1988, provide for?

View solution

Q. What does the Motor Vehicles Act, 1988, mandate regarding compensation to victims of accidents?

View solution
View All MCQs on IC 14 Regulations of Insurance Business

Recommended Subjects

Are you eager to expand your knowledge beyond IC 14 Regulations of Insurance Business? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Human Anatomy and Physiology

Embark on a journey through the human body with our Human Anatomy and Physiology...

Engineering Geology

Explore the dynamic field of Engineering Geology with our specialized category. Delve...

Drug and Pharmaceutical Biotechnology

Navigate the world of pharmaceuticals and biotechnology with our dedicated category....

Chemistry

Unlock the mysteries of chemistry with our Chemistry category. Delve into the...

UIDAI Aadhaar Supervisor Certification

Prepare for the UIDAI Aadhaar Supervisor Certification with our specialized category....

Environmental Engineering

Explore the critical field of Environmental Engineering with our dedicated category....

Analytical Instrumentation

Dive into the world of precise measurements with our Analytical Instrumentation...

Total Quality Management

Enhance your understanding of quality management with our Total Quality Management...

Electrical Measurement and Instrumentation

Unlock the world of electrical measurements with our dedicated category. Explore...