CMA Final · Risk Management in Banking and Insurance · Insurance Intermediaries
Under the IRDA Act, 1999, which of the following is expressly listed among the powers and functions of the Authority in relation to intermediaries?
The Authority specifies the requisite qualifications, code of conduct and practical training for intermediaries, insurance intermediaries and agents. This is an express power under Section 14(2)(c) of the IRDA Act, 1999. The other options describe functions that the section does not give to the Authority.
- ASpecifying requisite qualifications, code of conduct and practical training for intermediaries, insurance intermediaries and agentsCorrect
- BFixing the monthly salary of every employee of an insurance broker
- CAppointing the surveyors of each insurer for every claim
- DDeciding the premium rate of every life insurance policy sold through agents
Explanation
Section 14(2)(c) of the IRDA Act lists specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents. The other options are functions not conferred on the Authority by that section.
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