What is the full form of IRDAI?
Insurance Regulatory and Development Authority of India
Understanding the Full Form of IRDAI
The question asks for the full form of the acronym IRDAI. IRDAI is an important regulatory body in India.
Let's look at the options provided to find the correct full form of IRDAI:
- Insurance Regulation And Disciplinary Action of India
- Insurance Regulatory and Development Authority of India
- Insurance Research And Development Aid of India
- Insurance Regulation And Development Aid of India
The acronym IRDAI stands for the regulatory body responsible for overseeing the insurance sector in India. Knowing the correct name of this authority is key to answering this question.
Based on the official name of the regulatory body, the correct full form is Insurance Regulatory and Development Authority of India.
| Acronym | Full Form | Correct? |
|---|---|---|
| IRDAI | Insurance Regulation And Disciplinary Action of India | No |
| IRDAI | Insurance Regulatory and Development Authority of India | Yes |
| IRDAI | Insurance Research And Development Aid of India | No |
| IRDAI | Insurance Regulation And Development Aid of India | No |
Comparing the options with the correct full form, we can see that Option 2 accurately represents what IRDAI stands for.
Therefore, the full form of IRDAI is Insurance Regulatory and Development Authority of India.
Revision Table: IRDAI Full Form
| Term | Full Form |
|---|---|
| IRDAI | Insurance Regulatory and Development Authority of India |
Additional Information on IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous statutory body established under the Insurance Regulatory and Development Authority Act, 1999. Its main purpose is to regulate, license, and promote the insurance and re-insurance industry in India. Key functions of IRDAI include:
- Protecting the interests of policyholders.
- Regulating and promoting the orderly growth of the insurance industry.
- Specifying the qualifications, code of conduct, and training for insurance intermediaries and agents.
- Specifying the manner and standards to be maintained by insurers.
- Exercising control over the tariff advisory committee.
- Specifying the percentage of premium income to finance schemes for promoting and regulating professional organizations.
- Specifying the percentage of life insurance and general insurance business to be undertaken by the insurer in the rural or social sector.
Understanding the role of IRDAI is crucial for anyone involved in or studying the insurance sector in India.
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