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Which body is responsible to regulate, promote and ensure orderly growth of the insurance industry in India?

This question was previously asked in
NTPC CBT-I (Held On: 11 Jan 2021 Shift 2)
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  1. ICICI
  2. CRISIL
  3. RBI
  4. IRDAI

Answer (Detailed Solution Below)

Option 4 : IRDAI
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Detailed Solution

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The correct answer is IRDAI.

Key Points

  • The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India.
  • It is tasked with regulating and licensing the insurance and re-insurance industries in India.
  • It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India.

Additional Information

  • ​CRISIL
    • ​CRISIL is an Indian analytical company providing ratings, research, risk, and policy advisory services.
    • It is a subsidiary of the American company S&P Global.
    • CRISIL was the first credit rating agency in India, introduced in 1988 by the ICICI and UTI jointly with share capital coming from SBI, LIC and United India Insurance Company.
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