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

Under Section 14C of the IRDA Act, 1999, an insurer applies to the Authority for policy related information about a person. Which statement is correct?

The Authority processes the application only after the insurer confirms that the person has consented to access to his policy information, including preservation of evidence of that consent. Information furnished must not disclose the names of the submitting insurers, and the Authority may levy a fee.

  1. AThe Authority processes the application only after the insurer confirms the person has consented to access, including preservation of evidence of consentCorrect
  2. BThe Authority must process the application without any confirmation, because the insurer holds the policy
  3. CThe Authority may furnish the information with the names of the insurers that submitted it
  4. DThe Authority may not levy any fee for furnishing the information

Explanation

Section 14C(2) says the Authority processes the application only after the insurer confirms that the person has consented, including preservation of evidence of that consent. Under the proviso to sub-section (3), the names of the submitting insurers or regulated entities are not disclosed. Under sub-section (4), the Authority may levy fees for furnishing the information.

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