Question

    What is required for an insurer to legally carry on any

    class of insurance business in India after the commencement of the Insurance Act?
    A Permission from the Ministry of Finance Correct Answer Incorrect Answer
    B Approval from the Insurance Regulatory and Development Authority of India Correct Answer Incorrect Answer
    C A license issued by the Reserve Bank of India Correct Answer Incorrect Answer
    D A resolution passed by the Board of Directors of the insurer Correct Answer Incorrect Answer
    E A certificate of registration from the Authority for the specific class of insurance business Correct Answer Incorrect Answer

    Solution

    Explanation: Insurance Act: Section3. Registration —(1) No person shall, after the commencement of this Act, begin to carry on any class of insurance business in India and no insurer carrying on any class of insurance business in India shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the Authority a certificate of registration for the particular class of insurance business.

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