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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 processes an insurer's application for a person's policy related information only after the insurer confirms what?

The Authority processes the application only after the insurer confirms that the person has consented to give access to his policy related information, in accordance with existing law and regulations, including preserving evidence of that consent. No other condition such as claim status or government approval is required by the section.

  1. AThat the person has consented to provide access to his policy related information, with evidence of consent preservedCorrect
  2. BThat the person has no pending claims with any insurer
  3. CThat the person has paid all premiums due on every policy
  4. DThat the Central Government has approved the request in writing

Explanation

Section 14C(2) makes processing conditional on the insurer confirming that the person has consented to access to his policy related information under existing law and regulations, including preservation of evidence of consent. Claims, premiums or government approval are not conditions there.

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