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Question

As per the Insurance Act an insurer _________________

A May be registered with any name without restrictions Correct Answer Incorrect Answer
B Shall not be registered if the chosen name is identical or closely resembles an existing insurer Correct Answer Incorrect Answer
C May be registered with a name identical to that of an existing insurer Correct Answer Incorrect Answer
D Can register with any name, even if it is similar to an existing insurer, as long as they are in the process of dissolution and obtain consent from the Authority Correct Answer Incorrect Answer
E Shall have the discretion to choose its name without any restrictions Correct Answer Incorrect Answer

Solution

Section 31 Assets of insurer how to be kept- (1) None of the assets in India of any insurer shall, except in so far as assets are required to be vested in trustees under sub-section (7) of section 27, be kept otherwise than in the name of a public officer approved by the Authority, or in the corporate name of the undertaking, if a company or an insurance co-operative society, as the case may be.

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