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Under Section 25 of the IRDA Act 1999, the Insurance Advisory Committee advises the IRDA on which of the following?
A{'text': 'Framing of Regulations and other matters as may be prescribed', 'letter': 'A'}
B{'text': 'Day-to-day administration', 'letter': 'B'}
C{'text': 'Investment decisions', 'letter': 'C'}
D{'text': 'Hiring of agents', 'letter': 'D'}
Answer & Solution
Correct answer: A. {'text': 'Framing of Regulations and other matters as may be prescribed', 'letter': 'A'}
1. The IAC has not more than 25 members excluding ex-officio members.
2. It represents various stakeholders — commerce, industry, surveyors, agents and others.
3. As per Section 25, the IAC advises the IRDA in framing of Regulations and other matters as may be prescribed.
_Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "As per Section 25 of the IRDA Act, 1999, the IAC advises the IRDA in framing of Regulations and other matters as may be prescribed."_