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    Question

    As per the IRDA Act 1999, when IRDA was established, it replaced _______under Insurance Act 1938.

    A Controller of Insurance Correct Answer Incorrect Answer
    B Insurance Ombudsman Correct Answer Incorrect Answer
    C Grievance cell Correct Answer Incorrect Answer
    D Insurer authority Correct Answer Incorrect Answer
    E Management of Insurance Correct Answer Incorrect Answer

    Solution

    IRDA ACT, 1999: This Act was passed by Parliament in Dec.1999 & it received presidential assent in Jan.2000. The aim of the Authority is “to protect the interest of holders of Insurance policies to regulate, promote and ensure orderly growth of Insurance industry & for matters connected therewith or incidental thereto.” Under this Act, an authority called IRDA is established which replaces Controller of Insurance under Insurance Act 1938.

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