Insurance Awareness - Reinsurance
Which regulatory authority oversees the functioning of GIC Re and the reinsurance market in India?
Which regulatory authority oversees the functioning of GIC Re and the reinsurance market in India?
medium Q15 of 15
Step-by-Step Solution
Step 1: Identify the regulator
The Insurance Regulatory and Development Authority of India (IRDAI) is the statutory body responsible for regulating and supervising the insurance and reinsurance sectors in India, including GIC Re.Final Answer:
Insurance Regulatory and Development Authority of India (IRDAI) → Option AQuick Check:
SEBI regulates securities, RBI regulates banking, and Ministry of Finance oversees policy but does not directly regulate insurance operations.
Quick Trick: IRDAI = Insurance sector regulator in India.
Common Mistakes:
MISTAKES- Confusing IRDAI with RBI or SEBI as the insurance regulator.
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