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CS Professional · Banking and Insurance - Laws and Practice · Functions in Insurance and Compliance related thereto (Part V)

In the declaration filed after a transfer of insurance business, who must sign it where the party concerned is a company?

For a company, the declaration is signed by the chairman and the principal officer. It states that, to the best of their belief, all payments made or to be made on account of the amalgamation or transfer are fully set forth and no others exist.

  1. AThe company secretary and the statutory auditor
  2. BThe chairman and the principal officerCorrect
  3. CAny two directors
  4. DThe appointed actuary and the principal officer

Explanation

Section 37(b) requires a declaration signed by every party concerned, and in the case of a company by the chairman and the principal officer. It must state that every payment made or to be made on account of the amalgamation or transfer is fully set forth.

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