Government has a monopoly in the insurance sector. - Vidyadip

Question

Government has a monopoly in the insurance sector.

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Answer

No, I do not agree with the statement.

The insurance sector was a monopoly of the Government till 1991.
In 1991IRDA (Insurance Regulatory and Development Authority Act) was introduced.
The IRDA has given licenses to many private companies to start insurance businesses in India.
Due to the entry of private companies, the monopoly of government has come to an end.

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