Which body was set up in 1996 as an interim body before the establishment of the IRDA?
A{'text': 'Insurance Regulatory Authority', 'letter': 'A'}
B{'text': 'Insurance Advisory Committee', 'letter': 'B'}
C{'text': 'Tariff Advisory Committee', 'letter': 'C'}
D{'text': 'Controller of Insurance', 'letter': 'D'}
Answer & Solution
Correct answer: A. {'text': 'Insurance Regulatory Authority', 'letter': 'A'}
1. The Malhotra Committee submitted its report in 1994 recommending reforms.
2. Before the IRDA Act 1999 was enacted, the government set up a precursor body.
3. Per the brochure milestones: 1996 - Setting up of an interim body called the Insurance Regulatory Authority.
_Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "1996: Setting up of an interim body called the Insurance Regulatory Authority"_