{"id":11226,"date":"2023-05-24T05:05:15","date_gmt":"2023-05-23T23:35:15","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=11226"},"modified":"2025-03-30T01:19:33","modified_gmt":"2025-03-29T19:49:33","slug":"what-is-the-insurance-information-bureau-of-india-iib","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-the-insurance-information-bureau-of-india-iib\/","title":{"rendered":"What is the Insurance Information Bureau of India (IIB)?"},"content":{"rendered":"<h2><strong>About Insurance Information Bureau of India (IIB):<\/strong><\/h2>\n<ul>\n<li>IIB has been <strong>established by the<\/strong> insurance regulator, <strong>Insurance Regulatory and Development Authority of India<\/strong> (IRDAI) in the year 2009, <strong>as a data repository and analytics body.<\/strong><\/li>\n<li>It was registered as <strong>an independent nonprofit earning society<\/strong> on 21st November, 2012 <strong>under the Andhra Pradesh Societies Registration Act <\/strong>2001.<\/li>\n<li>IIB was mandated to be <strong>market neutral<\/strong> and <strong>provide independent and non judgmental analysis <\/strong>to all stakeholders.<\/li>\n<li>It acts as the <strong>Sole Repository and Analytics Body for the entire Insurance Sector<\/strong> in India.<\/li>\n<li><strong>All the registered Insurance Companies<\/strong> in India are <strong>mandated to submit data<\/strong> under Life, Motor, Health, Fire and Other Miscellaneous lines of Insurance business <strong>to IIB<\/strong>.<\/li>\n<li>It <strong>handles huge data<\/strong> and <strong>provides analytical insights and services<\/strong> to the stake holders <strong>through web services and applications.<\/strong><\/li>\n<\/ul>\n<h3>Key facts about Insurance Regulatory and Development Authority of India (IRDAI):<\/h3>\n<ul>\n<li>It is an <strong>autonomous and statutory body<\/strong> established <strong>under the IRDA Act 1999<\/strong>.<\/li>\n<li>It is the <strong>apex body that<\/strong> supervises and <strong>regulates the insurance sector in India<\/strong>.<\/li>\n<li><strong>Objective<\/strong>: To <strong>protect the interests of policyholders<\/strong>, <strong>to regulate<\/strong>, promote and ensure orderly growth of the <strong>insurance industry in India.<\/strong><\/li>\n<li><strong>Nodal Ministry: Ministry of Finance<\/strong><\/li>\n<li><strong>Head Office: Hyderabad.<\/strong><\/li>\n<li><strong>Composition<\/strong>: IRDAI is a <strong>10-member<\/strong> <strong>body<\/strong>&#8211; a <strong>Chairman<\/strong>, <strong>five full-time members<\/strong>, and <strong>four part-time members<\/strong> <strong>appointed by the Government of India<\/strong>.<\/li>\n<\/ul>\n<h3>What is a Ransomware?<\/h3>\n<ul>\n<li>It is a type of <strong>malware (malicious software<\/strong>) <strong>that locks a victim\u2019s data<\/strong> or device and threatens to <strong>keep it locked<\/strong>\u2014or worse\u2014<strong>unless the victim pays a ransom<\/strong> to the attacker.\u00a0<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1)\u00a0What is the Insurance Regulatory and Development Authority of India (IRDAI)?<\/h3>\n<p>It is an autonomous and statutory body established under the IRDA Act 1999. It is the apex body that supervises and regulates the insurance sector in India.<\/p>\n<p><strong>Source:<\/strong>\u00a0<a href=\"https:\/\/timesofindia.indiatimes.com\/city\/hyderabad\/russian-hackers-carry-out-ransomware-attack-iib-hit\/articleshow\/100433653.cms?from=mdr\" target=\"_blank\" rel=\"nofollow noopener\"><u>Russian hackers carry out ransomware attack, IIB hit<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IIB has been established by the IRDAI in the year 2009, as a data repository and analytics body.<\/p>\n","protected":false},"author":5,"featured_media":11227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-11226","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/11226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=11226"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/11226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/11227"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=11226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=11226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=11226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}