Correct option is B
The Insurance Sector in India is governed by laws that fall under the 7th Schedule of the Indian Constitution. The 7th Schedule of the Constitution deals with the distribution of powers between the Union and the States through three lists: the Union List, the State List, and the Concurrent List.
Entry 47 of the Union List under the 7th Schedule specifically includes "Insurance" as a subject, making it a matter that is under the exclusive legislative jurisdiction of the Central Government.
Other Schedules:
• 8th Schedule: Lists the official languages of India.
• 6th Schedule: Contains provisions related to the administration of tribal areas in the states of Assam, Meghalaya, Tripura, and Mizoram.
• 9th Schedule: Deals with laws that are protected from judicial review, particularly land reform and related laws.
