1.

State with reasons whether you agree or disagree with the statement:Government has a monopoly in the insurance sector.

Answer»

No, I do not agree with the statement. 

  • The insurance sector was a monopoly of the Government till 1991.
  • In 1991IRDA (Insurance Regulatory and Development Authority Act) was introduced. 
  • The IRDA has given licenses to many private companies to start insurance businesses in India. 
  • Due to the entry of private companies, the monopoly of government has come to an end.


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