Context:
Insurance Regulatory and Development Authority of India (IRDAI) celebrated its 25th Anniversary
Insurance Regulatory and Development Authority of India (IRDAI):
- Constituted as an autonomous body in 1999 and incorporated as a statutory body in 2000
- Covered under – Insurance Regulatory and Development Authority Act, 1999
- Based on – Malhotra Committee recommendations.
- Mandate – Supervision and regulation of the insurance sector in India
- Objective – To protect the interests of policyholders, to regulate, promote and ensure orderly growth of the insurance industry in India.
- Ministry – Ministry of Finance
- Head Office – Hyderabad.
- Composition – 10-member body with a Chairman, 5 full-time members, and 4 part-time members appointed by the Government of India.
Initiatives of IRDAI:
- Integrated Grievance Management System
- Saral Jeevan Bima – A standard term life insurance product
- Saral Pension – An immediate annuity plan
- Bima Sugam – One stop digital platform
Source: Business Line
Previous Year Question
Consider the following:
1. Hotels and restaurants
2. Motor transport undertakings
3. Newspaper establishments
4. Private medical institutions
The employees of which of the above can have the ‘Social Security’ coverage under Employees’ State Insurance Scheme?
[UPSC Civil Service Exam – 2012 Prelims]
(a) 1, 2 and 3 only
(b) 4 only
(c) 1, 3 and 4 only
(d) 1, 2, 3 and 4
Answer: (d)
