economics easy Fill in the Blank

The Insurance Regulatory and Development Authority of India (IRDAI) was established as a statutory body in the year ___ to regulate and promote the insurance industry.

  1. first
  2. 1999
  3. Pareto Efficiency (or Pareto Optimality)
  4. crowding out

Answer: 1999

Following the recommendations of the R.N. Malhotra Committee, the IRDA was constituted in 1999 and later given statutory status through the IRDA Act, 1999. Its mandate includes issuing licenses to private and foreign insurers, protecting policyholder interests, and ensuring the orderly growth of the insurance sector in India.

Topic Financial Markets - Regulation
Exam Relevance SSC, Railway, Banking
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