UPSC Exam  >  UPSC Questions  >   Consider the following statements. 1. The In... Start Learning for Free
Consider the following statements.
1. The Insurance Regulatory and Development Authority was set up in the year 2000.
2. Insurance industry of India is presently regulated under the IRDA Act, 1999.
Which of these statements is/are correct?
  • a)
    1 Only
  • b)
    2 Only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements. 1. The Insurance Regulatory and De...
  • The Insurance Regulatory and Development Authority (IRDA) was set up in 2000 (the Act was passed in 1999) with one chairman and five members (two as full time and three as part-time members) appointed and nominated by the government.
  • Insurance industry of India is presently regulated under the Insurance Laws (Amendment) Act, 2015
Community Answer
Consider the following statements. 1. The Insurance Regulatory and De...
Explanation:
The correct answer is option 'A' - 1 Only.

Statement 1: The Insurance Regulatory and Development Authority was set up in the year 2000.

This statement is correct. The Insurance Regulatory and Development Authority (IRDA) was set up in the year 2000 as an autonomous body to regulate and develop the insurance industry in India. It was established under the provisions of the Insurance Regulatory and Development Authority Act, 1999.

Statement 2: Insurance industry of India is presently regulated under the IRDA Act, 1999.

This statement is incorrect. The Insurance industry of India is not regulated under the IRDA Act, 1999. The IRDA Act, 1999 is the legislation that established the IRDA as the regulatory authority for the insurance sector. The insurance industry in India is currently regulated under the Insurance Act, 1938, which provides the legal framework for the functioning and regulation of insurance companies in the country.

Conclusion:
Based on the above explanation, it can be concluded that statement 1 is correct, and statement 2 is incorrect. Therefore, the correct answer is option 'A' - 1 Only.
Explore Courses for UPSC exam

Top Courses for UPSC

Consider the following statements. 1. The Insurance Regulatory and Development Authority was set up in the year 2000.2. Insurance industry of India is presently regulated under the IRDA Act, 1999.Which of these statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
Question Description
Consider the following statements. 1. The Insurance Regulatory and Development Authority was set up in the year 2000.2. Insurance industry of India is presently regulated under the IRDA Act, 1999.Which of these statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements. 1. The Insurance Regulatory and Development Authority was set up in the year 2000.2. Insurance industry of India is presently regulated under the IRDA Act, 1999.Which of these statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements. 1. The Insurance Regulatory and Development Authority was set up in the year 2000.2. Insurance industry of India is presently regulated under the IRDA Act, 1999.Which of these statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
Solutions for Consider the following statements. 1. The Insurance Regulatory and Development Authority was set up in the year 2000.2. Insurance industry of India is presently regulated under the IRDA Act, 1999.Which of these statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Consider the following statements. 1. The Insurance Regulatory and Development Authority was set up in the year 2000.2. Insurance industry of India is presently regulated under the IRDA Act, 1999.Which of these statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Consider the following statements. 1. The Insurance Regulatory and Development Authority was set up in the year 2000.2. Insurance industry of India is presently regulated under the IRDA Act, 1999.Which of these statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Consider the following statements. 1. The Insurance Regulatory and Development Authority was set up in the year 2000.2. Insurance industry of India is presently regulated under the IRDA Act, 1999.Which of these statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Consider the following statements. 1. The Insurance Regulatory and Development Authority was set up in the year 2000.2. Insurance industry of India is presently regulated under the IRDA Act, 1999.Which of these statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Consider the following statements. 1. The Insurance Regulatory and Development Authority was set up in the year 2000.2. Insurance industry of India is presently regulated under the IRDA Act, 1999.Which of these statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev