Question

What was the purpose of enacting the Insurance Regulatory and Development (IRDA) Act, 1999?

a.

To cover motor vehicles and their users

b.

To regulate the insurance business and incorporate revised industry needs

c.

To establish common laws applicable to all citizens

d.

To regulate international trade

Posted under IC 14 Regulations of Insurance Business

Answer: (b).To regulate the insurance business and incorporate revised industry needs Explanation:The Insurance Regulatory and Development (IRDA) Act, 1999, was enacted to regulate the insurance business and incorporate revised industry needs, especially with the opening of the market for private sector participation.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What was the purpose of enacting the Insurance Regulatory and Development (IRDA) Act, 1999?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the common purpose served by insurance regulations in all countries?

View solution

Q. Which of the following scenarios demonstrates the role of insurance in providing financial security?

View solution

Q. What is the scope of insurance regulation?

View solution

Q. What distinguishes insurance regulation from regulation in other branches of finance or economics?

View solution

Q. What role does the regulator play in protecting policyholders?

View solution

Q. What is one reason insurance regulators prescribe a high capital base for issuing licenses?

View solution

Q. What is the minimum capital requirement for starting a life insurance business in India?

View solution

Q. Why do regulators create accounting norms, investment norms, audit systems, etc. for insurers?

View solution

Q. What does solvency measure for insurance companies?

View solution

Q. Why is it difficult for customers to evaluate an insurance policy at the time of purchasing insurance?

View solution

Q. What is the consequence of over-pricing insurance products?

View solution

Q. How do regulators ensure a level playing ground for all insurers?

View solution

Q. Which organizations have contributed to insurance reform worldwide?

View solution

Q. What is the role of the International Association of Insurance Supervisors (IAIS)?

View solution

Q. Which organization is the apex body of fifty State-level regulators of the USA?

View solution

Q. What is the primary focus of "The Geneva Association"?

View solution

Q. What is the role of the International Association of Insurance Supervisors (IAIS)?

View solution

Q. When was the IAIS established?

View solution

Q. Which of the following statements best describes the role of insurance in society?

View solution

Q. What is the primary purpose of regulations created by the insurance regulator?

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!

Financial Management and Financial Markets

Master the world of finance with our Financial Management and Financial Markets...

Avionics Engineering

Soar into the world of aviation technology with our Avionics Engineering category....

Human Anatomy and Physiology

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

Mechanical Engineering

Explore the world of Mechanical Engineering with our specialized category. Dive into...

Geotechnical Engineering

Dive into the world of Geotechnical Engineering with our dedicated category. Explore...

Marketing and Marketing Management

Uncover the strategies and tactics of marketing with our Marketing and Marketing...

International Relations

Navigate the complex world of International Relations with our dedicated category....

Biology

Dive into the realm of life sciences with our Biology category. Explore the wonders...

Civil Engineering

Dive into the world of Civil Engineering with our specialized category. Explore the...