Explanation:

• Insurance Regulatory and Development Authority of India (Irdai) has decided to examine the feasibility of introducing surety bonds by insurance companies for road contracts in the country.
• For this, the insurance regulator has set up a nine-member working group to study the legal framework and suitability of the Indian insurance industry or any other sector to offer such bonds.
• The Working Group will be headed by G Srinivasan, Director, National Insurance Academy.