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Under the process of economic reforms an insurance Reforms Committee was set up in 1993 under the chairmanship of:
- a)S Prabhakaran
- b)Sandeep Bakshi
- c)Rohit Malhotra
- d)R N Malhotra
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Under the process of economic reforms an insurance Reforms Committee ...
The Insurance Reforms Committee was set up in 1993 as a part of the economic reforms process in India. The committee was responsible for recommending changes in the insurance sector to promote its growth and development. The committee was chaired by R.N. Malhotra, a former governor of the Reserve Bank of India.
Some of the key recommendations made by the committee are:
1. Liberalization of the insurance sector: The committee recommended that foreign companies should be allowed to enter the Indian insurance market. This would lead to increased competition and better products for the customers.
2. Increase in the FDI limit: The committee recommended that the FDI limit in the insurance sector should be increased from 26% to 49%. This would attract more foreign investment and help in the growth of the sector.
3. Establishment of IRDA: The committee recommended the establishment of an independent regulatory authority, known as the Insurance Regulatory and Development Authority (IRDA). This authority would regulate and supervise the insurance sector and ensure that the interests of the policyholders are protected.
4. Introduction of new products: The committee recommended the introduction of new insurance products such as health insurance, crop insurance, and pension plans. This would help in meeting the diverse needs of the customers.
5. Promoting rural insurance: The committee recommended that insurance companies should focus on providing insurance products to the rural population. This would help in increasing the insurance penetration in rural areas.
Overall, the recommendations made by the Insurance Reforms Committee played a significant role in the growth and development of the insurance sector in India.
Some of the key recommendations made by the committee are:
1. Liberalization of the insurance sector: The committee recommended that foreign companies should be allowed to enter the Indian insurance market. This would lead to increased competition and better products for the customers.
2. Increase in the FDI limit: The committee recommended that the FDI limit in the insurance sector should be increased from 26% to 49%. This would attract more foreign investment and help in the growth of the sector.
3. Establishment of IRDA: The committee recommended the establishment of an independent regulatory authority, known as the Insurance Regulatory and Development Authority (IRDA). This authority would regulate and supervise the insurance sector and ensure that the interests of the policyholders are protected.
4. Introduction of new products: The committee recommended the introduction of new insurance products such as health insurance, crop insurance, and pension plans. This would help in meeting the diverse needs of the customers.
5. Promoting rural insurance: The committee recommended that insurance companies should focus on providing insurance products to the rural population. This would help in increasing the insurance penetration in rural areas.
Overall, the recommendations made by the Insurance Reforms Committee played a significant role in the growth and development of the insurance sector in India.
Community Answer
Under the process of economic reforms an insurance Reforms Committee ...
A COMMITTEE was set up in 1993 under the chairmanship of R.N. Malhotra, former Governor of the Reserve Bank of India, to make recommendations for reforms in the insurance sector. The Malhotra Committee recommended introduction of a concept of professionalisation in the insurance sector to make out a strong case for paving the way for foreign capital.
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Under the process of economic reforms an insurance Reforms Committee was set up in 1993 under the chairmanship of:a) S Prabhakaranb) Sandeep Bakshic) Rohit Malhotrad) R N MalhotraCorrect answer is option 'D'. Can you explain this answer?
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