Under which of the following committees recommendations in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry?a)B. Shivraman Committeeb)Malhotra Committeec)Ajit Kumar Committeed)Bhurelal Committeee)Abhijit Sen CommitteeCorrect answer is option 'B'. Can you explain this answer?

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Under which of the following committee's recommendations in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry?

a)
B. Shivraman Committee
b)
Malhotra Committee
c)
Ajit Kumar Committee
d)
Bhurelal Committee
e)
Abhijit Sen Committee

Correct answer is option 'B'. Can you explain this answer?

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Under which of the following committees recommendations in 1999, the I...

EARLY INSURERS

In 1972 with the passing of the General Insurance Business (Nationalisation) Act, general insurance business was nationalized with effect from 1st January 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd, and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commenced business on January 1sst 1973. This millennium has seen insurance come a full circle in a journey extending to nearly 200 years.
The process of re-opening of the sector had begun in the early 1990s and the last decade and more has seen it been opened up substantially.

MALHOTRA COMMITTEE

In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector. The objective was to complement the reforms initiated in the financial sector.
The committee submitted its report in 1994 wherein, among other things, it recommended that the private sector be permitted to enter the insurance industry. They stated that foreign companies be allowed to enter by floating Indian companies, preferably a joint venture with Indian partners.

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Under which of the following committees recommendations in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry?a)B. Shivraman Committeeb)Malhotra Committeec)Ajit Kumar Committeed)Bhurelal Committeee)Abhijit Sen CommitteeCorrect answer is option 'B'. Can you explain this answer?

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Under which of the following committees recommendations in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry?a)B. Shivraman Committeeb)Malhotra Committeec)Ajit Kumar Committeed)Bhurelal Committeee)Abhijit Sen CommitteeCorrect answer is option 'B'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about Under which of the following committees recommendations in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry?a)B. Shivraman Committeeb)Malhotra Committeec)Ajit Kumar Committeed)Bhurelal Committeee)Abhijit Sen CommitteeCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Under which of the following committees recommendations in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry?a)B. Shivraman Committeeb)Malhotra Committeec)Ajit Kumar Committeed)Bhurelal Committeee)Abhijit Sen CommitteeCorrect answer is option 'B'. Can you explain this answer?.

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