Statement — The Insurance Act, 1938, and its amendment in 1950 have provided the regulatory framework for insurance business in India. Conclusions — I. The Insurance Act can be amended. II. The Insurance Act can be amended only after twelve years.

Introduction / Context:
The statement explicitly mentions an amendment in 1950 to a 1938 Act. We test which conclusions necessarily follow.

Given Data / Assumptions:

• Historical fact: amendment occurred.
• No rule is stated about intervals between amendments.

Concept / Approach:
From “amended in 1950,” it necessarily follows that the Act can be amended (I). Conclusion II asserts a fixed twelve-year wait between amendments, which is not stated or implied.

Step-by-Step Solution:

Final Answer:
Only conclusion I follows.