Question

Arrange the following incidents in order of their occurrence (First to Last):
(A) Establishment of LIC
(B) Establishment of IRDA
(C) The Insurance Act
(D) FDI in Insurance Sector in India
Choose the correct answer from the options given below:

• A. (A), (B), (C), (D)
• B. (C), (A), (B), (D)
• C. (D), (A), (B), (C)
• D. (C), (B), (D), (A)

Hint:

Familiarize yourself with key events in the history of the Indian insurance industry and their sequence

Answer 1

The Correct Option is B

The chronological order is as follows:
- (C) The Insurance Act: Passed in 1938 to regulate the insurance industry
- (A) Establishment of LIC: Life Insurance Corporation was established in 1956
- (B) Establishment of IRDA: Insurance Regulatory and Development Authority came into existence in 1999
- (D) FDI in Insurance Sector: Foreign Direct Investment was allowed in the insurance sector much later.