Question

Which one of the following is an Indian Regulatory Body that facilitates business organizations?(a) EXIM Bank(b) NABARD(c) IRDA(d) IFCI

Answer 1

hi mate here is your answer option ( d) is correct

Answer 2

Answer:

The correct option is (c) IRDA

Explanation:

Business Facilitator-

Business facilitation is the collection of agreements that make it easier to conduct business. Business facilitators are the individuals or organisations who offer these facilities to businesses.

IRDA- Insurance Regulatory and Development Authority

It is a entity that is owned by the Indian government, and it manages the country's insurance market. Hyderabad has been the IRDA's headquarters since 2001. It was brought here from Delhi. It was established by the Indian government to help with the 1999 Insurance Regulatory and Development Authority Act.

1.   Functions of IRDA-

• All Indian insurance companies are under the regulation and policymaking authority of IRDA.
• It protects policyholders' privacy regarding claim settlement, insurance surrender value, and other matters.
• It specifies the qualifications, code of conduct, and expertise needed for insurance intermediaries and agents.
• It makes mention of the loss assessors' and surveyors' code of conduct.
• It regulates how the Tariff Advisory Committee operates.
• It regulates the funds that insurance companies invest in.
• It is stated what proportion of life insurance and general insurance business is done in rural or social areas.
• Resolves disputes between insurance middlemen and insurers.
• Safeguards against the misuse and fraud of insurance policy.

Hence, we can say that IRDA is an Indian Regulatory Body that facilitates business organizations.

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