← 9 September 2026's Current Affairs · Economy GA Prelims ★★★☆☆ Mains ★★★☆☆
IRDAI penalises an insurer over compliance lapses
Why in News?
IRDAI penalises an insurer over compliance lapses
IRDAI has penalised a general insurer over compliance lapses, reaffirming its statutory role in regulating the insurance sector and protecting policyholders.
Why it matters: general awareness
What you need to know
2 min read
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty on a general insurance company over compliance deficiencies, including delays in processing free-look cancellation requests.
IRDAI is the statutory regulator for the insurance sector in India, responsible for protecting policyholder interests and ensuring orderly growth of the insurance industry.
It was established under the Insurance Regulatory and Development Authority Act, 1999.
Sources: Topper IAS editorial (PIB / The Hindu / Indian Express)
Key facts
Remember these
- IRDAI
- insurance regulation
- policyholder protection
Prelims · Mains
How the exam will ask it
Prelims
- IRDAI, insurance regulation, policyholder protection
Mains
Use as an example in GA answers (GS3 - Economy: financial sector regulators, IRDAI).
Quick recall
Answer before you reveal
With reference to the removal of a sitting High Court or Supreme Court judge in India, consider the following statements:
- A judge can be removed only through impeachment by Parliament, on grounds of proved misbehaviour or incapacity, under a process requiring a special majority.
- A committee constituted for an in-house inquiry can itself order the removal of an errant judge without any parliamentary process.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Show answer
Answer: A — Statement 1 is correct - Articles 124(4) and 218 require impeachment by Parliament with a special majority to remove a judge. Statement 2 is incorrect - an in-house inquiry committee can only recommend action, such as resignation or impeachment; it cannot itself remove a judge.
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