Insurance Regulatory and Development Authority of India IRDAI has set up Suresh Mathur committee whi...........

Economic Affairs Pension and Insurance

Insurance Regulatory and Development Authority of India (IRDAI) has set up Suresh Mathur committee, which of the following statement is/are correct regarding the committee?

1. It is set-up to review the regulatory framework on micro-insurance in India.

2. It is specifically intended for the protection of low-income people, with affordable insurance products

Choose the correct answer using the code below-

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

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Explanation:

The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee to review the regulatory framework on micro-insurance and recommend measures to increase the demand for such products. The 13-member panel has been tasked with suggesting product designs with customer-friendly underwriting, including easy premium payment methods and simple claims settlement procedures.

The committee has representatives from life, general and health insurance companies in the public and private sectors. Specifically intended for the protection of low-income people, with affordable insurance products, micro-insurance promises to support sustainable livelihoods of the poor.