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

Under the Insurance Act, 1938, an insurer's obligation to provide insurance to persons in the rural sector, workers in the unorganised or informal sector and economically vulnerable or backward classes is stated in which section, and which kind of insurance does that section say such policies shall include?

Section 32C of the Insurance Act, 1938 sets out the insurer's obligations toward rural, unorganised sector and backward classes, and it provides that such insurance policies shall include insurance for crops. Section 32D concerns motor third party business, and Section 28 of the IRDA Act is a different provision.

  1. ASection 32C; insurance for cropsCorrect
  2. BSection 32D; insurance for third party motor risks
  3. CSection 32C; insurance for export credit
  4. DSection 28; insurance for crops

Explanation

Section 32C requires every insurer to discharge the obligations under section 32B for rural, unorganised sector and backward classes, and says the policies shall include insurance for crops. Section 32D deals with third party motor risks, not rural obligations.

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