Question
Download Solution PDFWhich body is responsible to regulate, promote and ensure orderly growth of the insurance industry in India?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is IRDAI.
Key Points
- The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India.
- It is tasked with regulating and licensing the insurance and re-insurance industries in India.
- It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India.
Additional Information
- CRISIL
- CRISIL is an Indian analytical company providing ratings, research, risk, and policy advisory services.
- It is a subsidiary of the American company S&P Global.
- CRISIL was the first credit rating agency in India, introduced in 1988 by the ICICI and UTI jointly with share capital coming from SBI, LIC and United India Insurance Company.
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