New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    According to the Insurance Act, who can receive

    remuneration or reward for soliciting or procuring insurance business in India?
    A Any person in India Correct Answer Incorrect Answer
    B Insurance agents only Correct Answer Incorrect Answer
    C Insurance intermediaries only Correct Answer Incorrect Answer
    D Authorized agents only Correct Answer Incorrect Answer
    E Insurance agents, intermediaries, or insurance intermediaries Correct Answer Incorrect Answer

    Solution

    As per the Insurance (Amendment) Act 2015, remuneration or reward for soliciting or procuring insurance business in India can be paid to insurance agents, intermediaries, or insurance intermediaries in the manner specified by regulations. This law regulates the payment of commissions or rewards in the insurance industry.

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