A
1 only
B
Both 1 and 2
C
2 only
D
Neither 1 nor 2
Correct answer: (a) 1 only
Explanation
Statement 1 is correct because IRDAI is a statutory regulator established under the IRDA Act, 1999. Statement 2 is incorrect because IRDAI is headquartered in Hyderabad, Telangana, and operates under the Ministry of Finance, not the Ministry of Commerce and Industry.