Which of the following is a key responsibility of IRDAI?

Correct option is A

The correct answer is (a) Protecting the interest of insurance policyholders.
• The Insurance Regulatory and Development Authority of India (IRDAI) was established to regulate, promote, and ensure orderly growth of the insurance industry.
Information Booster:
• Established under IRDA Act, 1999.
• Headquarters: Hyderabad.
• Functions include licensing insurers, regulating premiums, and grievance redressal.
• Ensures policyholder protection under Section 14 of the Act.
• Current Chairperson (2025): Debasish Panda.
Additional Knowledge:
• IRDAI replaced the Controller of Insurance (Insurance Act, 1938).
• Oversees both life and non-life insurance sectors.
• Encourages financial inclusion through insurance penetration.
• Works under the Ministry of Finance, Government of India.