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CS Professional · Banking and Insurance - Laws and Practice · Regulatory Framework in Insurance

Under section 116A of the Insurance Act, 1938, as it stands, which statement about publishing a summary of returns is correct?

Section 116A provides for an annual published summary of accounts, balance-sheets and returns furnished to the Authority in the preceding year. The proviso excludes certain statements, such as the section 10(2) statement, from any requirement to publish.

  1. AThe summary need not include any returns furnished to the Authority
  2. BThe summary may include the statement under section 10(2)
  3. CThe summary relates to returns furnished to the Authority during the preceding year, and certain statements referred to in the proviso need not be publishedCorrect
  4. DThe summary must be published every year by the insurers themselves

Explanation

Section 116A provides for annual publication of a summary of accounts, balance-sheets, statements, abstracts and returns furnished to the Authority during the preceding year. The proviso says the section does not require publication of certain statements, including the statement under section 10(2) of the returns referred to in section 28(1).

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