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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 Chandra Khuntia
C C) Praveen Kutty
D D) Anup Bagchi
Why: Debasish Panda is the current chairperson of IRDAI, appointed in March 2022. He succeeded Subhash Chandra Khuntia. This is a standard factual question on IRDAI leadership often asked in Phase 1 General Awareness section. Option A is correct.
Question 2 of 5
IRDAI was established under which Act of Parliament?
A A) Insurance Act, 1938
B B) LIC Act, 1956
C C) IRDA Act, 1999
D D) General Insurance Act, 1972
Why: IRDAI was constituted by the Insurance Regulatory and Development Authority Act, 1999. It regulates the insurance sector in India, including licensing, solvency margins, and policyholder protection. This is a core statutory question. Option C is correct.
Question 3 of 5
What is the primary function of IRDAI?
A A) Regulate banking sector
B B) Protect policyholders' interests
C C) Control stock markets
D D) Manage foreign exchange
Why: The primary function of IRDAI is to protect the interests of policyholders, regulate, promote, and ensure orderly growth of the insurance and reinsurance business. It also specifies qualifications and code of conduct for intermediaries. Option B is correct.
Question 4 of 5
As per IRDAI guidelines, what is the minimum capital requirement for an insurer to commence life insurance business in India?
A A) Rs. 50 crore
B B) Rs. 100 crore
C C) Rs. 200 crore
D D) Rs. 150 crore
Why: IRDAI mandates a minimum net owned fund of Rs. 100 crore for life insurers and Rs. 200 crore for general insurers (excluding health). This ensures financial stability. Recent updates maintain this threshold. Option B is correct.
Question 5 of 5
Explain the role and functions of IRDAI in regulating the insurance sector in India.
Why: This comprehensive answer covers statutory basis, 5 key functions with examples, recent initiatives, and impact stats, structured for full marks in descriptive Phase 2 papers (approx. 250 words).