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Insurance Sector Reforms Video Lecture | Indian Economy for UPSC CSE
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FAQs on Insurance Sector Reforms Video Lecture - Indian Economy for UPSC CSE
| 1. What are some key reforms in the insurance sector? |  |
Ans. Some key reforms in the insurance sector include increasing the FDI limit from 49% to 74%, allowing foreign ownership and control, and setting up an insurance repository system.
| 2. How will increasing the FDI limit impact the insurance sector? | |
Ans. Increasing the FDI limit from 49% to 74% will attract more foreign investment, leading to better technology, improved services, and increased competition in the insurance sector.
| 3. What is the significance of allowing foreign ownership and control in the insurance sector? | |
Ans. Allowing foreign ownership and control will bring in expertise, capital, and global best practices, which can help enhance the overall growth and development of the insurance industry.
| 4. How does the insurance repository system benefit policyholders? | |
Ans. The insurance repository system allows policyholders to access all their insurance policies in a single electronic account, making it easier to track, manage, and renew policies, thereby increasing transparency and convenience.
| 5. How are these reforms expected to impact the insurance sector in the long run? | |
Ans. These reforms are expected to boost innovation, increase insurance penetration, enhance customer service, and drive overall growth and stability in the insurance sector in the long run.
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Oct 31, 2024 Last updated |
Video Description: Insurance Sector Reforms for UPSC 2024 is part of Indian Economy for UPSC CSE preparation.
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