Question

What was the purpose of enacting the Insurance Regulatory and Development (IRDA) Act, 1999?

a.

To cover motor vehicles and their users

b.

To regulate the insurance business and incorporate revised industry needs

c.

To establish common laws applicable to all citizens

d.

To regulate international trade

Posted under IC 14 Regulations of Insurance Business

Answer: (b).To regulate the insurance business and incorporate revised industry needs Explanation:The Insurance Regulatory and Development (IRDA) Act, 1999, was enacted to regulate the insurance business and incorporate revised industry needs, especially with the opening of the market for private sector participation.

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Q. What was the purpose of enacting the Insurance Regulatory and Development (IRDA) Act, 1999?
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