Question

When was the Insurance Regulatory and Development Authority of India (IRDA) was constituted?

Options

• 1938

• 1972

• 1999

• 2001

Answer 1

1999

Explanation:

IRDA is an autonomous regulatory body responsible for regulating, supervising, and developing the insurance sector in India. The formation of IRDA marked the beginning of opening up the insurance sector to private players and introducing reforms aimed at increased growth, competition, and consumer protection in the insurance market.