The Indian insurance industry is governed by

Question

Question: The Indian insurance industry is governed by

Options:

1.  Insurance Act - 1938
2.  General Insurance Business (Nationalisation) Act,1972
3.  Life Insurance Corporation Act,1956
4.  Insurance Regulatory and Development Authority Act,1999
5.  All of these

Answer 1

5. All of these

The Indian insurance industry is governed by Insurance Act 1938, General Insurance Business (Nationalisation) Act 1972, Life Insurance Corporation Act 1956, and Insurance Regulatory and Development Authority Act, 1999.

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More information about these Acts:

1. Insurance Act, 1938:- An Act to consolidate and amend the law relating to the business of insurance. Read more [Link]
2. General Insurance Business (Nationalisation) Act,1972:- An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy. Read more [Link]
3. Life Insurance Corporation Act,1956:- An Act for the nationalisation
   of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation. Read more [Link]
4. Insurance Regulatory and Development Authority Act,1999:- An Act to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected. Read more [Link]