Question

What significant change did the Insurance Regulatory and Development Authority Act, 1999, bring to the Insurance Act, 1938?

a.

Introduction of a new clause on life insurance business

b.

Inclusion of a definition for "Indian re-insurer"

c.

Prohibition of reinsurance business

d.

Restriction on direct general insurance business

Answer: (a).Introduction of a new clause on life insurance business Explanation:The IRDA Act, 1999, introduced a new sub-clause in section 2 of the Insurance Act, 1938, allowing Indian insurance companies to carry on life, general, or reinsurance business.

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Q. What significant change did the Insurance Regulatory and Development Authority Act, 1999, bring to the Insurance Act, 1938?

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