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Which of the following was the recommendations of the committee under the chairmanship of ex RBI Governor RN Malhotra?
1. Decontrolling Insurance sector
2. Linking General Insurance Corporation of India and its four subsidiaries
3. Setting up a regulatory authority for the insurance industry
Which of these statements is/are correct?
- a)All of them
- b)1 and 2 Only
- c)2 and 3 Only
- d)1 and 3 Only
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Which of the following was the recommendations of the committee under ...
(i) Decontrolling insurance sector, i.e., allowing Indian as well as foreign private sector insurance companies to enter the sector (the government did it in 1999 passing the IRDA Act).
(ii) Restructuring the LIC and the GIC and cutting down the government's holding in them to 50 per cent
(iii) Delinking GIC and its four subsidiaries (which was done in 2000).
(iv) Discarding the system of licensing of surveyors by the controller of Insurance. (v) Restructuring the Tariff Advisory Committee.
(vi) Setting up a regulatory authority for the insurance industry (the IRDA set up in 2000).
Community Answer
Which of the following was the recommendations of the committee under ...
The correct answer is option 'A' - 1 and 3 Only.
The committee under the chairmanship of ex RBI Governor RN Malhotra made several recommendations for the insurance sector. Let's analyze each statement to understand the recommendations:
1. Decontrolling Insurance sector: This recommendation suggests that the committee proposed to decontrol the insurance sector. Prior to the recommendations, the insurance sector in India was highly regulated, with the government having control over various aspects such as pricing, entry of new players, etc. The committee recommended reducing government control and introducing more private participation in the sector. This would lead to increased competition, better customer service, and more innovative products in the insurance industry.
2. Linking General Insurance Corporation of India and its four subsidiaries: This statement is incorrect. The committee did not recommend linking General Insurance Corporation of India (GIC) and its four subsidiaries. GIC is the national reinsurer in India, and it operates through its four subsidiaries - National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company Limited. The committee's recommendations did not include any specific measures regarding the linkage of GIC and its subsidiaries.
3. Setting up a regulatory authority for the insurance industry: This statement is correct. The committee recommended the establishment of a regulatory authority for the insurance industry. Prior to the recommendations, insurance regulation in India was primarily overseen by the Controller of Insurance, who was an official in the Ministry of Finance. The committee proposed the creation of an independent regulatory authority to oversee the functioning of insurance companies, protect the interests of policyholders, and ensure the stability of the insurance market. This recommendation led to the establishment of the Insurance Regulatory and Development Authority of India (IRDAI) in 1999.
In conclusion, the correct statements regarding the recommendations of the committee under the chairmanship of ex RBI Governor RN Malhotra are 1 and 3 Only. The committee recommended decontrolling the insurance sector and setting up a regulatory authority for the insurance industry.
The committee under the chairmanship of ex RBI Governor RN Malhotra made several recommendations for the insurance sector. Let's analyze each statement to understand the recommendations:
1. Decontrolling Insurance sector: This recommendation suggests that the committee proposed to decontrol the insurance sector. Prior to the recommendations, the insurance sector in India was highly regulated, with the government having control over various aspects such as pricing, entry of new players, etc. The committee recommended reducing government control and introducing more private participation in the sector. This would lead to increased competition, better customer service, and more innovative products in the insurance industry.
2. Linking General Insurance Corporation of India and its four subsidiaries: This statement is incorrect. The committee did not recommend linking General Insurance Corporation of India (GIC) and its four subsidiaries. GIC is the national reinsurer in India, and it operates through its four subsidiaries - National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company Limited. The committee's recommendations did not include any specific measures regarding the linkage of GIC and its subsidiaries.
3. Setting up a regulatory authority for the insurance industry: This statement is correct. The committee recommended the establishment of a regulatory authority for the insurance industry. Prior to the recommendations, insurance regulation in India was primarily overseen by the Controller of Insurance, who was an official in the Ministry of Finance. The committee proposed the creation of an independent regulatory authority to oversee the functioning of insurance companies, protect the interests of policyholders, and ensure the stability of the insurance market. This recommendation led to the establishment of the Insurance Regulatory and Development Authority of India (IRDAI) in 1999.
In conclusion, the correct statements regarding the recommendations of the committee under the chairmanship of ex RBI Governor RN Malhotra are 1 and 3 Only. The committee recommended decontrolling the insurance sector and setting up a regulatory authority for the insurance industry.
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Which of the following was the recommendations of the committee under the chairmanship of ex RBI Governor RN Malhotra?1. Decontrolling Insurance sector2. Linking General Insurance Corporation of India and its four subsidiaries3. Setting up a regulatory authority for the insurance industryWhich of these statements is/are correct?a)All of themb)1 and 2 Onlyc)2 and 3 Onlyd)1 and 3 OnlyCorrect answer is option 'A'. Can you explain this answer?
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