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      Question

      According to the Insurance Act, what is the consequence

      of failing to deposit the annual fee by an insurer who has been granted a certificate of registration?
      A The insurer will be fined for late payment Correct Answer Incorrect Answer
      B The insurer's registration will be temporarily suspended Correct Answer Incorrect Answer
      C The insurer's certificate of registration will be renewed automatically Correct Answer Incorrect Answer
      D The insurer will be given a grace period to pay the fee Correct Answer Incorrect Answer
      E The insurer's certificate of registration will be liable to be cancelled Correct Answer Incorrect Answer

      Solution

      Section 3A Payment of annual fee by insurer- (1) An insurer who has been granted a certificate of registration under section 3 shall pay such annual fee to the Authority in such manner as may be specified by the regulations. (2) Any failure to deposit the annual fee shall render the certificate of registration liable to be cancelled.

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