Which of the following statement is are correct about Insurance Regulatory and Development Authority...........

Finance (Phase -I & II) Banking and Financial system in India

Which of the following statement is/are correct about Insurance Regulatory and Development Authority of India(IRDAI)?

1.The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government ofIndia.

2.Insurance Regulatory and Development Authority of India is the regulator of all private sector insurance business and public sector insurance business in India.

3.It regulates the functioning of insurance companies to direct them to work in the public interest.

1 and 2

2 and 3

1 and 3

All of the above

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Explanation:

Insurance Regulatory and Development Authority of India(IRDAI):
1. The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government ofIndia.
2. It was formed by an Act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emergingrequirements.
3. It headquarter is located in Hyderabad.

4. It comprised of the Indian Parliamentary Act and was passed duly by the Indiangovernment.
5. Insurance Regulatory and Development Authority of India is the regulator of all private sector insurance business and public sector insurance business in India.
6. IRDA issues guidelines for various insurancecompanies.
7. It regulates the functioning of insurance companies to direct them to work in the publicinterest.