Consider the following statements about the Insurance sector in India 1 nbs...........

Economic Affairs Pension and Insurance

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Consider the following statements about the Insurance sector in India:

1. The sector has been completely deregulated in the wake of progressive economic reforms.

2. Cap on foreign investment in the insurance sector is 49% as of now.

3. The government owned companies have a higher market share than private companies.

Which of these is/are true?

1 and 2 only

2 and 3 only

1 and 3 only

All of the above

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Explanation:

This sector is still tightly regulated by IRDA and SEBI. In a recent move the government increased the FDI cap in this sector from 26% to 49%.

Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India.