Skip to content

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

Under Section 14C of the IRDA Act, 1999, when an insurer applies to the Authority for policy related information about a person, the Authority may process the application only after:

The Authority processes the application only after the insurer confirms to it that the person has consented to access to his policy related information, and that evidence of the consent is preserved. This is the condition in Section 14C(2) of the IRDA Act.

  1. AThe insurer confirms that the person has consented to provide access to his policy related information, including preserving evidence of consentCorrect
  2. BThe person pays the prescribed fee directly to the Central Government
  3. CThe Authority obtains the names of all other insurers holding the person's policies
  4. DThe insurer obtains a court order permitting access to the information

Explanation

Section 14C(2) says the Authority processes the application only after the insurer confirms the person's consent, including preservation of evidence of that consent. Fees are levied by the Authority under sub-section (4), not paid to the Central Government, and no court order is required.

Did you get it right without looking?

One question tells you little. A timed set on Laws and Regulations related to Insurance Sector shows your real accuracy, how long you take and where you lose marks.

Practise Laws and Regulations related to Insurance SectorFree diagnostic mock

More Laws and Regulations related to Insurance Sector questions