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      Question

      Which act governs the functioning of insurance companies

      in India?
      A Insurance Regulatory and Development Act, 1999 Correct Answer Incorrect Answer
      B Companies Act, 1956 Correct Answer Incorrect Answer
      C Banking Regulation Act, 1949 Correct Answer Incorrect Answer
      D Insurance Act, 1938 Correct Answer Incorrect Answer
      E Securities Contract Regulation Act, 1956 Correct Answer Incorrect Answer

      Solution

      The Insurance Act, 1938 governs the functioning of insurance companies in India. It lays down the rules and regulations for the insurance industry.

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