Which one of the following conditions is not true as per IRDA Act, 1999, for entry of private players into the insurance market?
1
The company's sole purpose is to carry on life insurance business or general insurance business or reinsurance business.
2
The minimum paid up equity capital for life insurance or general insurance business is Rs. 100 crore.
3
The minimum paid up capital for carrying reinsurance business is Rs. 300 crore.
4
Insurance companies are required to invest not less than 15 percent of their funds in infrastructure and social sectors.