Question: Which of the following statements is/ are correct about the Insurance Regulatory Development Authority of India (IRDAI)?
(1) Insurance Regulatory and Development Authority of India (IRDAI) was constituted by the Insurance Regulatory and Development Authority Act, 1999.
(2) It’s headquarters is in New Delhi
(a) Only (1)
(b) Only (2)
(c) Both (1) and (2)
(d) None of the above
Ans: (a)
Related facts:
- On 19 January 2017; Lloyd’s, specialist insurance and reinsurance Company got final regulatory approval from the Insurance Regulatory Development Authority of India (IRDA) to set up branch in India.
- This will enable Lloyd’s syndicates to offer specialist reinsurance in a variety of classes from a Lloyd’s India branch in Mumbai.
- Lloyd’s is the world’s specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licences.
- It is the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks.
Reference:
https://www.lloyds.com/news-and-insight/press-centre/press-releases/2017/01/lloyds-to-open-india-branch-in-advance-of-april-reinsurance-renewals
http://indianexpress.com/article/business/business-others/lloyds-gets-final-irdai-approval-to-open-branch-in-april-this-year-4482632/
http://economictimes.indiatimes.com/industry/banking/finance/lloyds-gets-final-approval-from-irdai-to-open-branch-in-india/articleshow/56665640.cms
http://www.business-standard.com/article/companies/lloyd-s-gets-final-approval-from-irdai-to-open-branch-in-india-117011900776_1.html