The correct answer is: B. IRDA Act, 1999
The Insurance Regulatory and Development Authority (IRDA) Act, 1999 is the main legislation governing the insurance sector in India. The Act provides for the establishment of the Insurance Regulatory and Development Authority (IRDA), which is responsible for regulating and developing the insurance sector in India. The Act also provides for the registration of insurance companies, the regulation of insurance products and services, and the protection of the interests of policyholders.
The Insurance Act, 1938 is an older law that was enacted to regulate the insurance sector in India. However, the IRDA Act, 1999 has superseded the Insurance Act, 1938. The IRDA Act, 1999 is a more comprehensive and modern law that provides for a more effective regulation of the insurance sector.
The LIC Act, 1956 is a law that was enacted to establish the Life Insurance Corporation of India (LIC). The LIC is a government-owned insurance company that is the largest insurance company in India. The LIC Act, 1956 provides for the regulation of the LIC and its activities.
The Indian Contract Act, 1872 is a general law that governs contracts in India. The Indian Contract Act, 1872 does not specifically deal with insurance contracts. However, the Indian Contract Act, 1872 may apply to insurance contracts to the extent that it is not inconsistent with the IRDA Act, 1999.
In conclusion, the correct answer is: B. IRDA Act, 1999. The IRDA Act, 1999 is the main legislation governing the insurance sector in India. The Act provides for the establishment of the Insurance Regulatory and Development Authority (IRDA), which is responsible for regulating and developing the insurance sector in India. The Act also provides for the registration of insurance companies, the regulation of insurance products and services, and the protection of the interests of policyholders.