Which committee has recommended for formation of IRDA?
Q. IRDA was formed on recommendation of- Published on 11 Sep 15a. Malhotra Committee
b. Rangrajan Committee
c. D. Subbarao Committee
d. Bimal Jalan Committee
ANSWER: Malhotra Committee
The IRDA Act, 1999 was passed as per the major recommendation of the Malhotra Committee report which recommended establishment of an independent regulatory authority for insurance sector in India. Later, It was incorporated as a statutory body in April, 2000.
The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001.IRDA batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the insurance sector from the erstwhile 26 per cent. The FDI limit in insurance sector was raised to 49% in July 2014.
