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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, the Authority furnishes policy related information to Sun Shield Insurance on its application. Which statement is correct?

The information furnished must not disclose the names of the insurer or other regulated entities that submitted it to the Authority. This is the proviso to Section 14C(3). The Authority may also levy fees it deems fit, and it supplies only information in its possession.

  1. AThe information must disclose the names of every insurer that submitted it to the Authority
  2. BThe information furnished shall not disclose the names of the insurer or other regulated entities that submitted it to the AuthorityCorrect
  3. CThe Authority may not levy any fee for furnishing the information
  4. DThe Authority must furnish information not in its possession by collecting it from the entities

Explanation

The proviso to Section 14C(3) bars disclosing the names of insurers or regulated entities that submitted the information. Section 14C(4) lets the Authority levy fees as it deems fit, and it furnishes only information as may be in its possession.

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