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Question
Do you agree or disagree with the following statement? Give reasons:
Government has monopoly in insurance sector.
Options
Agree
Disagree
MCQ
Short/Brief Note
True or False
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Solution
No, I disagree with this statement.
Reasons:
- The new economic policy passed Insurance, Regulatory, and Development Authority Act (IRDA) in 1999 With the aim of introducing reforms in the insurance sector.
- The IRDA has given licence to many private companies to start an insurance business.
- IRDA has ended the monopoly of government in the insurance sector. Thus, the government has no monopoly in insurance
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