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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Answer:
monitoring the solvency position of the insurance companies
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The correct answer in this case,would be the 1st option given in the answer choices or Ensuring smooth running of the insurance sector.
Step-by-step explanation:
- IRDA basically stands for Insurance Development Regulatory and Authority which was formed by the Parliament of India in 2014 and is mainly leaded by Mr. R.N. Malhotra who is a former governor of RBI or Reserve Bank of India.
- Some of the major functions and responsibilities of IRDA includes determining and supervising the premium rates for the insurance products,monitoring or evaluating the solvency situations of the individual insurance companies,providing official license to the intermediaries like insurance brokers or agents who are associated with insurance companies and the loss adjusted surveyors.
- However,it is not the main regulatory organization or body to monitor the smooth and stable functioning of the overall insurance industry or sector.
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