Business Services-1 — OCM STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceOCMBusiness Services-15 Marks
Question
Write a note on Insurance Regulatory Development Authority $(IRDA)$
✓
Answer
Establishment of Insurance Regulatory Development Authority $(IRDA)$ :
To supervise the functioning of insurance sector government of India has established in 1999, the Insurance Regulatory Development Authority on the basic of the report of the committee formed by the government of India. Provision is made for foreign insurance companies for business collaboration with Indian Insurance companies.
Role Of $IRDA$ :
Insurance Regulatory and Development Authority is India’s Supreme autonomous legal institution.
This institution looks after regulation and development of insurance sector.
$IRDA$ Act - $1999$ permits$ 26\%$ ( Direct foreign Investment $FDI$ ) in private insurance companies.
In the year $2015, 49 \%$ $FDI$ private insurance companies is possible.
Objective Of $IRDA$ : It can be noted as under :
To give options of selection of different types of insurance polies to insure.
To give more service to insure through less premium by healthy companies between insurance companies.
For the growth of economy through insurance sector. creating more monetary fund.
Frame the organization to solve the companies regarding insurance .
Frame the rules and regulations, for bringing self – control in insurance sector and to develop insurance sector and to give benefit to insurance holders of various policies at low premium.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.