Skip to content

CMA Final · Corporate and Economic Laws · Laws and Regulations related to Insurance Sector

An insurer applies to IRDAI under section 14C of the IRDA Act, 1999 for policy related information about a proposed policyholder. Which statement about the information the Authority furnishes is correct?

The Authority must not disclose the names of the insurer or other regulated entities that submitted the information to it. Section 14C(3) requires it to furnish the specified policy related information in its possession, but its proviso protects the identity of the submitting entities. Fees may be levied under section 14C(4).

  1. AIt must disclose the names of the insurers that submitted the information
  2. BIt must not disclose the names of the insurers or other regulated entities that submitted it to the AuthorityCorrect
  3. CIt is free of charge and no fee may be levied
  4. DIt covers only information held by the applicant insurer itself

Explanation

The proviso to section 14C(3) states that the information furnished shall not disclose the names of the insurer or other regulated entities that submitted it. Section 14C(4) permits the Authority to levy such fees as it deems fit, so the free-of-charge option is wrong. The information is whatever is in the Authority's possession.

Did you get it right without looking?

One question tells you little. A timed set on Laws and Regulations related to Insurance Sector shows your real accuracy, how long you take and where you lose marks.

Practise Laws and Regulations related to Insurance SectorFree diagnostic mock

More Laws and Regulations related to Insurance Sector questions