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Question 1 of 5
Who is the current Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI)?
A A) Debasish Panda
B B) Subhash Chandran
C C) Praveen Kutty
D D) Vibha Padala
Why: Debasish Panda is the Chairperson of IRDAI, serving since March 2022. This fact is commonly tested in General Awareness sections of IRDAI exams. Option A is correct.[1][3]
Question 2 of 5
IRDAI was established under which Act?
A A) Insurance Act, 1938
B B) LIC Act, 1956
C C) IRDA Act, 1999
D D) General Insurance Act, 1972
Why: The Insurance Regulatory and Development Authority (IRDA) was constituted by the IRDA Act, 1999, to protect policyholders' interests and regulate the insurance sector. Option C is correct.[1][3]
Question 3 of 5
What is the primary objective of IRDAI?
A A) To promote tourism
B B) To regulate and develop the insurance industry
C C) To control banking operations
D D) To manage stock markets
Why: IRDAI's main functions include protecting policyholder interests, promoting insurance penetration, ensuring financial solvency of insurers, and fostering market development. Option B is correct.[2][3]
Question 4 of 5
In which year was IRDAI established?
A A) 1999
B B) 2000
C C) 1956
D D) 1938
Why: IRDAI became operational on 19th April 2000, following the IRDA Act, 1999. It started functioning with effect from that date. Option B is correct.[1][3]
Question 5 of 5
Where is the headquarters of IRDAI located?
A A) Mumbai
B B) Hyderabad
C C) New Delhi
D D) Kolkata
Why: The headquarters of IRDAI is in Hyderabad, Telangana. This is a standard factual question in insurance awareness for IRDAI exams. Option B is correct.[2][3]