IRDAI and National Health Authority (NHA) will develop a National Health…
2021
IRDAI and National Health Authority (NHA) will develop a National Health Claims Exchange as a digital platform to settle health claims. Where is the Headquarter of IRDAI located?
- A.
Mumbai
- B.
New Delhi
- C.
Bengaluru
- D.
Hyderabad
- E.
Noida
Show answer & explanation
Correct answer: D
Concept
The IRDAI (Insurance Regulatory and Development Authority of India) is the statutory body that regulates and develops the insurance industry in India. A statutory regulator operates from a single designated head office, fixed by its governing law/notification, which is the seat of its administrative and regulatory functions.
Application
IRDAI's head office is located in Hyderabad (Financial District, Nanakramguda, Gachibowli). The regulator shifted its headquarters to Hyderabad in 2001, and all of its principal regulatory and administrative operations are carried out from there. Hence, among the offered cities, Hyderabad is the location of IRDAI's headquarters.
Cross-check / Contrast
Mumbai is the country's financial and insurance-business capital and hosts the head offices of many insurers, but it is not the seat of the insurance regulator.
New Delhi is the national capital and hosts many ministries, but the insurance regulator is not headquartered there.
Bengaluru is a major technology hub, not the regulator's seat.
Noida is a corporate/IT centre in the National Capital Region, unrelated to the insurance regulator's head office.