Question

Do you agree or disagree with the following statement? Give reasons:

Government has monopoly in insurance sector.

विकल्प

• Agree

• Disagree

Answer 1

No, I disagree with this statement.

Reasons:

1. The new economic policy passed Insurance, Regulatory, and Development Authority Act (IRDA) in 1999 With the aim of introducing reforms in the insurance sector.
2. The IRDA has given licence to many private companies to start an insurance business.
3. IRDA has ended the monopoly of government in the insurance sector. Thus, the government has no monopoly in insurance