4. Both 1 and 2
Objective of IRDA includes 'Policy holder protection' and 'Healthy growth of the insurance market'.
Insurance Regulatory Development Authority is an autonomous body created with the aim of protecting the interests/rights of insurance holder and also to regulate and develop the business of insurance and reinsurance in India
Main function/mission of IRDA:
- to protect the interests of the policyholders
- to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto