Question

Arrange the following incidents in order of their occurrence (First to Last):
(A) Establishment of LIC
(B) Establishment of IRDA
(C) The Insurance Act
(D) FDI in Insurance Sector in India
Choose the correct answer from the options given below:

• A. (A), (B), (C), (D)
• B. (C), (A), (B), (D)
• C. (D), (A), (B), (C)
• D. (C), (B), (D), (A)

Hint:

Familiarize yourself with key events in the history of the Indian insurance industry and their sequence

Answer 1

The Correct Option is B

The chronological sequence of events is:
- (C) 1938: The Insurance Act was passed to regulate the insurance industry.
- (A) 1956: The Life Insurance Corporation (LIC) was established.
- (B) 1999: The Insurance Regulatory and Development Authority (IRDA) was formed.
- (D) Later: Foreign Direct Investment (FDI) was permitted in the insurance sector.