Consider the following statements regarding Insurance Regulatory and Development Authority (IRDA)
1. The recommendations of the Malhotra Committee report, in 1999 led to formation of IRDA
2. The IRDA opened up the market in August 2000
Which of the following is/are NOT correct?1
Only 1
2
Only 2
3
Both 1 and 2
4
Neither 1 nor 2