Regulatory Bodies in Insurance Awareness : Practice MCQ Questions & Answers with Explanations

IRDAI (Insurance Regulatory and Development Authority of India) tightened anti-money laundering rules in August 2022. Key changes included removing all exemptions and relaxations from AML guidelines for insurers — no life, general, or health insurer can now claim relaxations from money-laundering rules as set by the RBI. IRDAI also made 'level of risk assessment' a function of the size of the company's business. IRDAI is an autonomous statutory body headquartered in Hyderabad.