Q10. Which of the following does not form part of the regular function of I.R.D.A.?
Ensuring smooth running of the insurance sector
Granting of licenses to insurance companies agents intermediaries and Loss adjusters Surveyors.
Monitoring the solvency position of the insurance companies
Fixing up the premium rates for the products of the insurers'
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How poorly are they paid
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Answer:
Ensuring the smooth running of the insurance sector.
Explanation:
IRDA is an acronym for the Insurance Regulatory and Development Authority of India. Its main task as a statutory body is to regulate and promote insurance and reinsurance industries in India. Some of the duties include:
- Oversee registration processes such as the provision of certificates, cancelling registration if deemed necessary, renewal, modifying, etc.
- Specify requirements to qualify, code of conduct and necessary training required for the insurance agents and other insurance personnel.
- Specifying percentages which insurance companies need to adhere to either in the rural or social sector.
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