Question
As per Section 20(1) of the General Insurance Business
(Nationalisation) Act, what does the acquiring company do with the balance of profit after making necessary provisions relating to bad and doubtful debts, depreciation in assets, welfare etc.?Solution
Section 20. Balance of profit how to be utilised: (1) After making provision for bad and doubtful debts, depreciation in assets, provident, superannuation, welfare and other funds, debts due to Government and all other matters for which provision is necessary under any law or which are usually provided for by insurance companies, every acquiring company shall distribute the balance of profit as dividends.
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