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NIACL Administrative Officer — free MCQ practice

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NIACL Administrative Officer subjects

Quantitative Aptitude (118)Reasoning (76)Insurance (27)

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Simple InterestData InterpretationPercentagesCompound InterestAgesBoats and StreamsInterestPartnershipPipes and CisternsShortcutsSimple & Compound InterestCoding DecodingBlood RelationsStatement and ConclusionTime, Speed and DistanceInsurance IntermediariesInsurance Penetration and DensityInsurance Repository SystemIRDA Brief HistoryComposition of IRDAFinancial EducationFormation of IRDAGrievance RedressalIndustry ChallengesIndustry EntryInsurance Act 1938 — Accounts SeparationInsurance Act 1938 — Investment of AssetsInsurance Act 1938 — Life Insurance FundInsurance Advisory CommitteeIntermediaries — Statistics

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In which year was the Insurance Regulatory and Development Authority (IRDA) Act enacted?Read the answer and worked solution →On what date was the Insurance Regulatory and Development Authority formed as an autonomous regulatory body?Read the answer and worked solution →Who chaired the Committee on Reforms in the Insurance Sector that recommended opening insurance to private and foreign players?Read the answer and worked solution →How many members make up the Insurance Regulatory and Development Authority of India?Read the answer and worked solution →

Worked practice questions

In which year was the Insurance Regulatory and Development Authority (IRDA) Act enacted?

  1. 1999
  2. 1998
  3. 1996
  4. 2000
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Correct answer: A. 1999

1. The IRDA Act was passed in 1999. 2. The Act came into force on 19 April 2000 when IRDA was formed. 3. Hence the year of enactment is 1999. _Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "1999: Enactment of the Insurance Regulatory and Development Authority (IRDA) Act, 1999"_

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On what date was the Insurance Regulatory and Development Authority formed as an autonomous regulatory body?

  1. 1 April 1999
  2. 19 April 2000
  3. 1 January 2001
  4. 26 December 2014
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Correct answer: B. 19 April 2000

1. The IRDA Act 1999 came into force on a date appointed by the Central Government. 2. S.O.397(E) appointed 19 April 2000 as that date. 3. IRDA was formed as an autonomous regulator on 19.4.2000. _Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "Formation of the Insurance Regulatory and Development Authority as an autonomous regulatory body on 19.4.2000"_

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Who chaired the Committee on Reforms in the Insurance Sector that recommended opening insurance to private and foreign players?

  1. Y. V. Reddy
  2. Rangarajan
  3. R. N. Malhotra
  4. R. H. Patil
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Correct answer: C. R. N. Malhotra

1. Insurance sector reforms followed the 1991 economic reforms. 2. In 1993 the Government set up a Committee on Reforms in the Insurance Sector. 3. It was headed by Shri R. N. Malhotra, retired Governor of the Reserve Bank of India. _Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "1993: Committee on Reforms in the Insurance Sector, headed by Shri R. N. Malhotra (Retired Governor, Reserve Bank of India)"_

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