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Answer

Correct Option is 2 and 3 Only

• Currently, 49% of FDI is permitted in the insurance sector in India, under the automatic route. • Globally, the share of life insurance business in total premium was 54.32 percent. However, the share of life insurance business for India was very high at 74.73 percent, while the share of non-life insurance business was at 25.27 percent. • The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body formed under an Act of the Parliament, viz., the Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999) for overall supervision and development of the insurance sector in India.

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