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

Correct option is B

The correct answer is (b) IRDAI.
· IRDAI (Insurance Regulatory and Development Authority of India) is the regulatory body responsible for overseeing and ensuring the orderly growth of the insurance industry in India.
· Established by the Insurance Regulatory and Development Authority Act, 1999, IRDAI's primary objective is to protect the interests of policyholders and ensure the financial soundness of the insurance sector.
· IRDAI regulates both life and general insurance companies in India, sets rules and guidelines for their operations, and monitors compliance with these regulations.
· The authority also plays a key role in promoting competition and innovation within the industry to enhance the availability and quality of insurance products .
Information Booster:
· RBI (Reserve Bank of India): The central bank of India, primarily responsible for regulating the country's monetary policy and banking system .
· CRISIL (Credit Rating Information Services of India Limited): A credit rating agency that provides ratings, research, and risk and policy advisory services .
· ICICI (Industrial Credit and Investment Corporation of India): A prominent private sector bank in India, not a regulatory body for the insurance industry.