On what date was the Insurance Regulatory and Development Authority formed as an autonomous regulatory body?
A{'text': '1 April 1999', 'letter': 'A'}
B{'text': '19 April 2000', 'letter': 'B'}
C{'text': '1 January 2001', 'letter': 'C'}
D{'text': '26 December 2014', 'letter': 'D'}
Answer & Solution
Correct answer: B. {'text': '19 April 2000', 'letter': 'B'}
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"_