Q. With reference to the Insurance Regulatory and Development Authority (IRDA), which of the following statements is/are correct?
1. It is a statutory body.

2. The chairman and its members are appointed by government.

Select the correct answer using the codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C

The Insurance Regulatory and Development Authority (IRDA) was set up in 2000 (the Act was passed in 1999) with one chairman and five members (two as full time and three as part-time members) appointed and nominated by the government.

The authority is responsible for the regulation, development and supervision of the Indian insurance industry.

Source: TMH Ramesh Singh