Which was the first Act to regulate life insurance industry in India?

A. Insurance Act, 1938

B. Life Insurance Companies Act, 1912

C. IRDA Act, 1999

D. LIC Act, 1956

Answer: Option B

Solution(By Examveda Team)

Life Insurance Companies Act, 1912 was the first Act to regulate life insurance industry in India. In order to regulate these insurance companies, Life Insurance Companies Act and Provident Fund Act were passed in 1912. Evolution of insurance industry has undergone three phases, Pre-Nationalisation, Nationalisation and Privatisation.