In which year was the Insurance Regulatory and Development Authority (IRDA) Act enacted?
A{'text': '1999', 'letter': 'A'}
B{'text': '1998', 'letter': 'B'}
C{'text': '1996', 'letter': 'C'}
D{'text': '2000', 'letter': 'D'}
Answer & Solution
Correct answer: A. {'text': '1999', 'letter': 'A'}
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"_