The correct answer is B. Life Insurance Companies Act, 1912.
The Life Insurance Companies Act, 1912 was the first Act to regulate life insurance industry in India. It was enacted by the British Indian government to regulate the business of life insurance in India. The Act was amended several times, and the latest amendment was made in 2015.
The Act provides for the registration of life insurance companies, the regulation of their business, and the protection of the interests of policyholders. The Act also provides for the establishment of the Life Insurance Council, which is a statutory body that is responsible for regulating the life insurance industry in India.
The Act has been instrumental in promoting the growth of the life insurance industry in India. The industry has grown significantly since the enactment of the Act, and it is now one of the largest life insurance industries in the world.
The other options are incorrect.
Option A, Insurance Act, 1938 is an Act to consolidate and amend the law relating to insurance. It was enacted by the British Indian government in 1938. The Act provides for the regulation of all types of insurance business, including life insurance.
Option C, IRDA Act, 1999 is an Act to provide for the establishment of the Insurance Regulatory and Development Authority of India and for matters connected therewith or incidental thereto. It was enacted by the Indian Parliament in 1999. The Act provides for the establishment of the Insurance Regulatory and Development Authority of India (IRDA), which is a statutory body that is responsible for regulating the insurance industry in India.
Option D, LIC Act, 1956 is an Act to provide for the incorporation of the Life Insurance Corporation of India and for matters connected therewith or incidental thereto. It was enacted by the Indian Parliament in 1956. The Act provides for the incorporation of the Life Insurance Corporation of India (LIC), which is a government-owned life insurance company.