Financial Awareness - Risk, Stability & Emerging Finance
Which of the following statements about IRDAI’s role in promoting competition is correct?
Which of the following statements about IRDAI’s role in promoting competition is correct?
medium Q5 of 15
Step-by-Step Solution
Step 1: Understand IRDAI’s role in market competition
IRDAI promotes healthy competition by allowing multiple insurers to operate.Step 2: Evaluate incorrect options
Restricting companies, fixing market shares, or selling policies directly contradict IRDAI’s regulatory principles.Final Answer:
IRDAI encourages multiple insurers to operate to enhance consumer choice → Option AQuick Check:
IRDAI encourages multiple insu = correct ✅
Quick Trick: Remember IRDAI promotes competition, not restricts it.
Common Mistakes:
- Assuming IRDAI controls market shares or sells policies.
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