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Regulatory Bodies : Insurance Awareness MCQ Practice Questions & Answers (Tamil) - ObjectiveMcq

Insurance Awareness Practice

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

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Insurance AwarenessEasyRegulatory Bodies

In August 2022, which of the following bodies tightened the anti-money laundering rules?

SIDBI

SEBI

IRDAI

NABARD

View Answer

Correct Answer: C — IRDAI

Explanation:

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.