What is the function of IRDA?

A. Plan for Financial Inclusion

B. Provide relief packages to the Farmers

C. Regulate insurance business in India

D. Hiring & Purchasing assets

Answer: Option C

Solution(By Examveda Team)

The function of IRDA is to regulate insurance business in India. For many years the insurance sector of India was protected. The IRDA Act of 1999 allowed the entry of private companies in the insurance sector. It also allowed for 26% investment by foreign companies.