RAS question
IRDAI stands for:
Correct answer: (D) Insurance Regulatory and Development Authority of India.
IRDAI stands for the Insurance Regulatory and Development Authority of India, the statutory authority for regulating and developing India's insurance sector.
Explanation
IRDAI expands to Insurance Regulatory and Development Authority of India. The official IRDAI page describes it as a statutory body formed under the Insurance Regulatory and Development Authority Act, 1999, for the overall supervision and development of the insurance sector in India. Its official expansion is built from the words Insurance, Regulatory, Development, Authority, and India. The official IRDAI page also lists IRDAI's objectives as protecting policyholders' interests, supporting orderly growth of the insurance industry, ensuring speedy settlement of genuine claims, providing effective grievance redressal, and promoting fairness and transparency in insurance-related financial markets. Its head office is in Hyderabad.
Why the other options are wrong
- (A) Option A is wrong because it changes 'Regulatory' to 'Reserve', while the official expansion uses Insurance Regulatory and Development Authority of India.
- (B) Option B is wrong because it replaces 'Development' with 'Deposit', but IRDAI's official name includes Development, not Deposit.
- (C) Option C is wrong because it rearranges the official name into a different word order; the authority is not called the Indian Regulatory and Development Authority of Insurance.
Concept
This tests the standard institutional abbreviations used in Indian Economy, especially financial-sector regulators. It recurs in RAS because insurance regulation links statutory bodies, consumer protection, and financial-market supervision.