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    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.

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