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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


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Team Careers360 8th Jan, 2024
Answer (1)
Team Careers360 14th Jan, 2024

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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