Privatization and Foreign Investments in Insurance

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In which year did the Indian insurance sector officially open to private companies?

1991

1999

2000

2002

What is the current Foreign Direct Investment (FDI) limit in the Indian insurance sector under the automatic route?

49%

51%

74%

100%

Which of the following was the first private sector life insurance company in India after liberalization?

HDFC Life Insurance

ICICI Prudential Life Insurance

SBI Life Insurance

Max Life Insurance

Which committee played a pivotal role in recommending the privatization of the insurance sector in India?

Kelkar Committee

Narasimham Committee

Malhotra Committee

Rangarajan Committee

What is the main objective of allowing foreign investments in the insurance sector?

To reduce competition

To increase government control

To attract capital, improve technology, and increase insurance penetration

To promote mergers of public sector insurance companies