Which one of the following statements is correct?
1
The Prime Purpose of Insurance-Regulation, is, To Protect the PolicyHolders' Interests.
2
Regulations, made by Insurance Regulatory and Development Authority of India (I.R.D.A.I.), are, to ensure that, Insurance Companies should exist, Not as Financially Sound Organisations, but, as Socially Responsible Organisations.
3
Insurance is an Absolutely Legal Contract, in Compliance with the Provisions of Indian Contract Act and Other Laws of the Country.
4
Insurance Regulatory and Development Authority of India (I.R.D.A.I.) regulates the Companies from their Registration onwards, and monitors All their Major Activities, like, Investments, Accounting, etc.
5
None of the Above.