Concept:The Insurance Regulatory and Development Authority (IRDA) is the statutory body established in 2000 to regulate and develop India's insurance sector.
Explanation:IRDA was set up in the year 2000 as an independent authority.
It was created under the Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999), which is an Act of Parliament.
This makes IRDA a statutory body with the power to oversee and promote the insurance industry.
Its main objectives include protecting the interests of policyholders and ensuring the orderly growth of the insurance sector.
It also works for speedy settlement of genuine claims and promotes fairness and transparency in insurance markets.
The other authorities serve different sectors.
The Reserve Bank of India regulates the banking system.
SEBI regulates the securities and commodity markets.
AMFI develops the mutual fund industry.
PFRDA regulates pensions in India.
None of them deals with insurance regulation.
Answer:Option C. Insurance Regulatory and Development Authority (I.R.D.A.)