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CS Executive · Setting Up of Business, Industrial and Labour Laws · Financial Services Organization

Which of the following is an insurer type that can be covered by a Central Government notification under Section 2CA of the Insurance Act, 1938 for operating in a Special Economic Zone?

An Indian Insurance Company carrying on insurance business in an SEZ can be covered. Section 2CA names Indian Insurance Companies, insurance co-operative societies and certain bodies corporate under section 2C(1)(c), not chit funds, NBFCs or stock brokers.

  1. AA registered chit fund company
  2. BAn Indian Insurance Company carrying on insurance business in the SEZCorrect
  3. CA non-banking finance company providing only loans
  4. DA stock broker registered with SEBI

Explanation

Section 2CA refers to an insurer being an Indian Insurance Company, an insurance co-operative society, or a body corporate referred to in clause (c) of sub-section (1) of section 2C, carrying on insurance business in an SEZ. Chit funds, NBFCs and stock brokers are not named.

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