Which body in India does the regulation of Insurance sector?

Correct option is B

Correct Answer:B. IRDA

• IRDA stands for Insurance Regulatory and Development Authority of India.

• It is the statutory body responsible for regulating and promoting the insurance industry in India.

• It ensures policyholder protection, fair practices, and financial soundness of insurance companies.

• Established: In 1999 under the IRDA Act, 1999.

• Headquarters:Hyderabad, Telangana.

• Main Functions:

  • Issuing licenses to insurers and insurance intermediaries

  • Monitoring and enforcing solvency margins

  • Laying down investment norms for insurers

  • Promoting fair competition and growth in the sector

• Chairperson (as of 2025): Debasish Panda (check latest updates if needed)

• SEBI: Regulates stock markets and mutual funds, not insurance.

• FICCI: A business association, not a regulatory body.