Question

The purpose of setting of IRDAI was ______.

Options

• to protect the interest of insurance policy holders

• to regulate, promote and ensure orderly growth of insurance industry

• to open up insurance to the private sector

• All of the above

Answer 1

The purpose of setting of IRDAI was to protect the interest of insurance policy holders, to regulate, promote and ensure orderly growth of insurance industry, and to open up insurance to the private sector.

Explanation:

IRDAI was established to protect policyholders, regulate and promote the insurance industry, and allow private sector participation.