Question : In which year was the Insurance Regulatory and Development Authority of India set up?
Option 1: 2002
Option 2: 1999
Option 3: 2011
Option 4: 1995
Correct Answer: 1999
Solution : The correct answer is 1999.
In line with the suggestions of the Malhotra Committee report in 1999, the Insurance Regulatory and Development Authority (IRDA) was established as an independent entity to oversee and foster the growth of the insurance sector. Formally constituted as a statutory body, the IRDA came into existence in April 2000. Its primary role is to regulate and promote the development of the insurance industry in India.
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