The correct answer is C. Insurance Regulatory & Development Authority.
The Insurance Regulatory and Development Authority of India (IRDA) is the regulator of the insurance industry in India. It was established in 1999 by the Insurance Regulatory and Development Authority Act, 1999. The IRDA is responsible for regulating the insurance industry in India, including the licensing of insurers, setting standards for insurance products and services, and ensuring the solvency of insurers.
The IRDA is a statutory body with a board of directors appointed by the government of India. The board of directors is responsible for the overall governance of the IRDA. The IRDA has a number of functions, including:
- Licensing of insurers: The IRDA is responsible for licensing insurers to operate in India. The IRDA grants licenses to insurers after they have met certain requirements, such as having adequate capital and having a sound management team.
- Setting standards for insurance products and services: The IRDA is responsible for setting standards for insurance products and services. These standards are designed to protect the interests of policyholders and to ensure that insurance products and services are fair and transparent.
- Ensuring the solvency of insurers: The IRDA is responsible for ensuring the solvency of insurers. The IRDA has a number of powers to ensure the solvency of insurers, including the power to impose restrictions on insurers’ activities and the power to revoke insurers’ licenses.
- Promoting the development of the insurance industry: The IRDA is also responsible for promoting the development of the insurance industry. The IRDA does this by providing a regulatory framework that is conducive to the growth of the insurance industry and by providing support to insurers.
The IRDA is an important regulator of the insurance industry in India. The IRDA’s role is to protect the interests of policyholders and to ensure that the insurance industry is fair and transparent.