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Questions and Answers
When was the Insurance Bill, which raised the FDI limit in the insurance sector to 49%, passed?
What is the maximum foreign equity allowed in a private insurance company operating in India according to the IRDA Act, 1999?
What is the primary role of IRDAI?
What does IRDAI provide to life insurance companies?
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What is the authority responsible for regulating and developing the insurance industry in India?
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Study Notes
Insurance Sector in India
- The Insurance Bill was passed, raising the FDI (Foreign Direct Investment) limit in the insurance sector to 49%.
- According to the IRDA Act, 1999, the maximum foreign equity allowed in a private insurance company operating in India is 49%.
IRDAI's Role and Responsibilities
- The primary role of IRDAI (Insurance Regulatory and Development Authority of India) is to regulate and develop the insurance industry in India.
- IRDAI provides licenses to life insurance companies.
Insurance Regulation
- IRDAI is the authority responsible for regulating and developing the insurance industry in India.
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Description
Test your knowledge about the Insurance Regulatory and Development Authority of India (IRDAI) with this quiz. Learn about the regulations, developments, and key aspects of the insurance industry in India as governed by IRDAI.
