πŸ“’ Too many exams? Don’t know which one suits you best? Book Your Free Expert πŸ‘‰ call Now!


    Question

    What was one of the violations committed by Acko General

    Insurance, as noted by IRDAI?
    A Non-compliance with claim settlement deadlines Correct Answer Incorrect Answer
    B Breach of Section 40(1) of the Insurance Act, 1938 Correct Answer Incorrect Answer
    C Failure to meet solvency ratio requirements Correct Answer Incorrect Answer
    D Delay in product approvals Correct Answer Incorrect Answer
    E Overpricing of micro-insurance premiums Correct Answer Incorrect Answer

    Solution

    Acko was penalized for making payments in breach of Section 40(1) , which governs commission and rewards to agents/intermediaries. Understanding specific regulatory clauses is key for regulatory and insurance-based MCQs.

    Practice Next
    ask-question