Insurance Regulatory and Development Authority of India was established in which year? MCQ with Answer and Explanation

Insurance Regulatory and Development Authority of India was established in which year?
A. 2008
B. 2003
C. 1999
D. 1991
Answer: Option C
Solution (By JKSSB Mock Tests)
IRDAI was established in 1999 following the IRDA Act.

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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' on sale of under-construction residential non-affordable housing is:
A. 12%
B. 1%
C. 18%
D. 5% without ITC

Correct Answer: Option D


Explanation:
Non-affordable residential under-construction property attracts 5% GST without ITC.

This question belongs to: Economy GK Economy Set 1
Question #2
In the context of international finance, the 'Trilemma' or 'Impossible Trinity' implies that a country must choose:
A. Two out of the three: fixed exchange rate, free capital mobility and monetary-policy independence
B. Only one of the three
C. All three simultaneously
D. None of the three

Correct Answer: Option A


Explanation:
The trilemma states that only two of the three policy goals—exchange-rate stability, capital-market openness and monetary independence—can be achieved at the same time.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a characteristic of the 'Liquidity Coverage Ratio' under Basel III?
A. It measures only long-term funding stability
B. It applies only to non-bank financial institutions
C. It requires banks to hold sufficient high-quality liquid assets to cover net cash outflows over 30 days
D. It is related only to capital adequacy

Correct Answer: Option C


Explanation:
The Liquidity Coverage Ratio (LCR) requires banks to maintain an adequate stock of unencumbered high-quality liquid assets that can be converted into cash to meet liquidity needs for a 30-calendar-day stress scenario.

This question belongs to: Economy GK Economy Set 1