With reference to Foreign Direct Investment in the Insurance sector, consider the following statements:1. The insurance sector was opened up for the private sector in 1982.2. Currently foreign investment ceiling in the insurance sector is set at 49%.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?

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With reference to Foreign Direct Investment in the Insurance sector, consider the following statements:

1. The insurance sector was opened up for the private sector in 1982.

2. Currently foreign investment ceiling in the insurance sector is set at 49%.

Which of the statements given above are correct?

a)
1 only
b)
2 only
c)
Both 1 and 2
d)
Neither 1 nor 2

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

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With reference to Foreign Direct Investment in the Insurance sector, c...

Statement 1 is incorrect: The insurance sector was opened up for private sector in 2000 after the enactment of the Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999), which had increased the Foreign Direct Investment (FDI) limit to 26% as the sector was facing a severe shortage of funds. The IRDAI was incorporated as a statutory body in April 2000. The key objectives of the IRDAI include the promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums while ensuring the financial security of the insurance market.
Statement 2 is incorrect: Govt., in February 2015, raised the foreign investment ceiling in the insurance sector from 26% to 49% under the automatic route, and then in 2021, it has again been increased to 74%.

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With reference to Foreign Direct Investment in the Insurance sector, consider the following statements:1. The insurance sector was opened up for the private sector in 1982.2. Currently foreign investment ceiling in the insurance sector is set at 49%.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?

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With reference to Foreign Direct Investment in the Insurance sector, consider the following statements:1. The insurance sector was opened up for the private sector in 1982.2. Currently foreign investment ceiling in the insurance sector is set at 49%.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to Foreign Direct Investment in the Insurance sector, consider the following statements:1. The insurance sector was opened up for the private sector in 1982.2. Currently foreign investment ceiling in the insurance sector is set at 49%.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to Foreign Direct Investment in the Insurance sector, consider the following statements:1. The insurance sector was opened up for the private sector in 1982.2. Currently foreign investment ceiling in the insurance sector is set at 49%.Which of the statements given above are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.

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