The correct answer is: B. the year 1999.
The Insurance Regulatory and Development Authority Act (IRDA) was passed in 1999 with the objective of opening the insurance sector for private participation. The IRDA Act established the Insurance Regulatory and Development Authority (IRDA), which is responsible for regulating and developing the insurance sector in India. The IRDA has been instrumental in promoting competition and innovation in the insurance sector, and has helped to make insurance more accessible to Indian consumers.
The other options are incorrect. Option A is incorrect because the IRDA Act was passed in 1999, not 2005. Option C is incorrect because the IRDA Act was passed in 1999, not 1998. Option D is incorrect because the IRDA Act was passed in 1999, not 1990.