The constitution of the IRDA consists of not more than _________ members. A. 10 members B. 7 members C. 9 members D. 8 members

The correct answer is: 8 members.

The Insurance Regulatory and Development Authority of India (IRDA) is a statutory body established by the Insurance Regulatory and Development Authority Act, 1999. The IRDA is responsible for regulating and developing the insurance industry in India.

The IRDA consists of a Chairperson and not more than 8 members, all of whom are appointed by the Central Government. The Chairperson and members of the IRDA are appointed for a term of 5 years.

The IRDA has the following powers and functions:

• To regulate the insurance business in India;
• To promote the development of the insurance industry;
• To protect the interests of policyholders;
• To ensure that insurers are financially sound;
• To regulate the
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  investment activities of insurers;
• To regulate the conduct of insurance business;
• To issue regulations and guidelines;
• To conduct inspections;
• To impose penalties;
• To adjudicate disputes;
• To provide information and advice to the public;
• To undertake research and development;
• To promote awareness of insurance;
• To cooperate with international organizations; and
• To perform such other functions as may be prescribed by the Central Government.

The IRDA is a powerful and independent body that plays a vital role in the development of the insurance industry in India.