The IRDA was established to regulate, promote, and ensure the orderly growth of the insurance and re-insurance business in India. Its establishment opened up the insurance sector to private players, ending the monopoly of public sector insurance companies that had existed since nationalization.
The Insurance Regulatory and Development Authority (IRDA) Act was passed in the year
Asked in TNPSC CS Prelims 2014 · Topic: Money & Banking (Non-Banking Financial Companies (NBFCs): Types, Regulation, and Significance)
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