The full form of IRDAI is:

Correct option is D

​The correct answer is (d) Insurance Regulatory and Development Authority of India

Explanation:

The full form of IRDAI is the Insurance Regulatory and Development Authority of India. It is the regulatory body responsible for overseeing and regulating the insurance industry in India.

• Established in 1999 under the IRDA Act, 1999.
• Headquarters: Hyderabad, Telangana.
• Purpose: To protect policyholders' interests, ensure financial stability, and promote the growth of the insurance sector.

Information Booster:

Key Functions of IRDAI:

1. Regulation and Licensing: Grants licenses to insurance companies, agents, and brokers.
2. Policyholder Protection: Ensures that insurers comply with regulations to safeguard policyholders' interests.
3. Monitoring Financial Stability: Keeps a check on the solvency ratio of insurance companies.
4. Promoting Competition: Encourages fair competition to improve insurance penetration in India.
5. Approving New Insurance Products: Reviews and approves new insurance schemes and policies.

Types of Insurance Regulated by IRDAI:

• Life Insurance (e.g., LIC, HDFC Life, SBI Life).
• General Insurance (e.g., ICICI Lombard, New India Assurance).
• Health Insurance (e.g., Max Bupa, Star Health).
• Motor Insurance, Crop Insurance, and other specialized insurance schemes.