Which of the following regulatory bodies regulates the insurance sector in India?

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SSC JE EE Previous Paper 11 (Held on: 24 March 2021 Morning)
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  1. TRAI
  2. NABARD
  3. FSSAI
  4. IRDAI

Answer (Detailed Solution Below)

Option 4 : IRDAI
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Detailed Solution

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The correct answer is IRDAI.

  • IRDAI regulatory bodies regulate the insurance sector in India.

Key Points

  • The full form of IRDAI is the Insurance Regulatory and Development Authority of India.
  • It is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India.
  • And is tasked with regulating and promoting the insurance and re-insurance industries in India.
    • Founded: 1999
    • Sector: Insurance
    • Headquarters: Hyderabad
    • Chairperson: Subhash Chandra Khuntia

Additional Information

System Full-Form Founded Sector Headquarters Chairperson
TRAI Telecom Regulatory Authority of India 1997 Telecommunications New Delhi Ram Sewak Sharma
NABARD National Bank for Agriculture and Rural Development 12 July 1982 Ministry of Finance Mumbai Harsh Kumar Bhanwala
FSSAI Food Safety and Standards Authority of India 2008 Food safety New Delhi Rajesh Bhushan
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