CS Professional · Banking and Insurance - Laws and Practice · Life Insurance
Under Section 30A of the LIC Act, 1956, after the exclusive privilege ceased, LIC is to carry on life insurance business in accordance with which law?
LIC carries on life insurance business in accordance with the Insurance Act, 1938, as applicable to it by virtue of section 43 of the LIC Act, 1956. Section 30A says so after ceasing its exclusive privilege.
- AOnly its own Act, free from the Insurance Act
- BThe Insurance Act, 1938, as applicable to the Corporation by virtue of section 43 of the LIC ActCorrect
- CThe Companies Act alone
- DRegulations of the Central Government without reference to any Act
Explanation
Section 30A states that the Corporation shall thereafter carry on life business in accordance with the Insurance Act, 1938, as applicable to it by virtue of section 43 of the LIC Act, 1956. The other options contradict this wording.
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