If you are preparing the banking and insurance exam you must know about the IRDA and its related facts and important points. Today we have come with the most important MCQs related to the IRDA organization. The full form of the IRDAI is the Insurance Regulatory and Development Authority of India.
IRDAI GK Quiz
In the each and every insurance exam adds at least one or two questions based on the IRDA organization. We have added the IRDA MCQs GK Questions from formation to till today. As RBI Controls all banking services same as IRDA Controls the each insurance related services. Means the IRDAI is the Father of the all insurance companies.
IRDAI GK Quiz MCQs
Question 1: What does IRDAI stand for?
A) Insurance Regulatory and Development Authority of India
B) International Regulatory Development Authority of India
C) Insurance and Risk Development Authority of India
D) Indian Regulatory Development Authority for Insurance
Answer: A
Question 2: When was IRDAI established?
A) 1998
B) 2000
C) 1999
D) 2001
Answer: C
Question 3: What is the primary purpose of IRDAI?
A) Regulate insurance sector in India
B) Provide insurance policies
C) Issue banking licenses
D) Regulate stock market
Answer: A
Question 4: Which ministry oversees IRDAI?
A) Ministry of Finance
B) Ministry of Commerce
C) Ministry of Corporate Affairs
D) Ministry of Home Affairs
Answer: A
Question 5: How many members does the IRDAI consist of?
A) 5
B) 6
C) 7
D) 9
Answer: C
Question 6: Who appoints the chairman of IRDAI?
A) Prime Minister of India
B) President of India
C) Finance Minister
D) Central Government
Answer: D
Question 7: What types of insurance companies come under IRDAI regulation?
A) Life insurance only
B) General insurance only
C) Both life and general insurance
D) Reinsurance companies only
Answer: C
Question 8: IRDAI regulates which of the following in India?
A) Insurance intermediaries
B) Insurance companies
C) Insurance agents and brokers
D) All of the above
Answer: D
Question 9: What is the IRDAI’s role in policyholder protection?
A) Approving insurance products
B) Grievance redressal
C) Regulating premiums
D) All of the above
Answer: D
IRDAI GK Quiz
Question 10: What is the duration of the IRDAI chairman’s term?
A) 3 years
B) 5 years
C) 4 years
D) 2 years
Answer: A
Question 11: How does IRDAI promote transparency?
A) Mandating disclosure norms
B) Funding insurance companies
C) Setting interest rates
D) Issuing insurance licenses
Answer: A
Question 12: What authority does IRDAI have over insurance agents?
A) Training and licensing
B) Tax collection
C) Setting salaries
D) Auditing agents’ accounts
Answer: A
Question 13: Which act governs the IRDAI?
A) Insurance Act, 1938
B) IRDAI Act, 1999
C) Companies Act, 2013
D) RBI Act, 1934
Answer: B
Question 14: IRDAI promotes growth by:
A) Encouraging foreign investment in insurance
B) Issuing banking licenses
C) Regulating stock markets
D) Providing scholarships
Answer: A
Question 15: Can IRDAI cancel the license of an insurer?
A) Yes, if regulations are violated
B) No, licenses are permanent
C) Only with court approval
D) Yes, but only for banks
Answer: A
Question 16: IRDAI plays a role in which type of insurance?
A) Health insurance
B) Motor insurance
C) Life insurance
D) All of the above
Answer: D
Question 17: What action does IRDAI take against fraudulent companies?
A) Imposes penalties and cancels licenses
B) Promotes them
C) Provides loans
D) No action taken
Answer: A
Question 18: Which of the following is NOT regulated by IRDAI?
A) LIC of India
B) General insurance companies
C) Mutual funds
D) Insurance brokers
Answer: C
Question 19: IRDAI helps in protecting consumers through:
A) Insurance Ombudsman schemes
B) Setting premium rates arbitrarily
C) Providing insurance
D) Creating jobs
Answer: A
Question 20: Insurance intermediaries under IRDAI includes:
A) Agents
B) Brokers
C) Corporate agents
D) All of the above
Answer: D
Question 21: The head office of IRDAI is located in:
A) Mumbai
B) New Delhi
C) Chennai
D) Kolkata
Answer: B
Question 22: Which body supervises the investments of insurance companies?
A) IRDAI
B) RBI
C) SEBI
D) Ministry of Finance
Answer: A
Question 23: IRDAI promotes customer education through:
A) Awareness campaigns
B) Selling policies
C) Insurance sales training only
D) Restricting information
Answer: A
IRDAI GK Quiz
Question 24: IRDAI’s regulatory functions include:
A) Licensing insurers
B) Approving products and tariffs
C) Monitoring solvency margin
D) All of the above
Answer: D
Question 25: Can IRDAI regulate the premium rates charged by insurers?
A) Yes, in certain cases
B) No, rates are fixed by companies
C) Only for health insurance
D) Only for motor insurance
Answer: A
Question 26: The IRDAI’s Consumer Affairs Department focuses on:
A) Grievance redressal
B) Policy approvals
C) Licensing
D) Investment approval
Answer: A
Question 27: IRDAI monitors the financial health of insurers by:
A) Solvency margin requirements
B) Daily sales reports
C) Stock market approval
D) Premium rate setting
Answer: A
Question 28: Which is true about IRDAI’s role in insurance product approval?
A) It approves every insurance product
B) Companies can launch products without approval
C) Only life insurance products are approved
D) It only oversees agents
Answer: A
Question 29: IRDAI is empowered to protect policyholders through:
A) Licensing of insurers and intermediaries
B) Imposing penalties
C) Conducting inspections
D) All of the above
Answer: D
Question 30: IRDAI was constituted under:
A) An act of Parliament
B) A government notification
C) Supreme Court order
D) RBI guidelines
Answer: A