Insurance regulatory and Development Authority (IRDA) is a/an

  1. Statutory Body
  2.  Autonomous Body
  3.  Constitutional Body
  4.  Both 1 and 2
Desire Adnan Default Asked on 2nd August 2015 in General Knowledge.
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  • 1 Answer(s)

    Both 1 and 2

    Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999.

    Malhotra Committee report in 1999, the Insurance Regulatory and Development Authority short for (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. In April 2000, IRDA was incorporated as a statutory body. Today there are 28 general companies including the ECGC and Agriculture Insurance Corporation of India and 24 life insurance companies operating in the country.

    Monis Rasool Professor Answered on 2nd August 2015.
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