Question
Under the Insurance Act, 1938, what is the role of the
Tariff Advisory Committee (TAC)?Solution
As per Section 64UC of the Insurance Act, 1938, the Tariff Advisory Committee (TAC) was empowered to: • Control and regulate the rates, advantages, terms, and conditions offered by insurers in respect of certain classes of general insurance (e.g., fire, motor). • The aim was to ensure uniformity, fairness, and prevent undercutting or unhealthy competition among insurers. • Although its powers have reduced after the liberalization of the insurance sector and rise of competition, the provision laid the foundation for pricing regulation in insurance. • The IRDAI now performs most regulatory functions, but the concept of TAC still exists within the Act.
The salary of A is 40% more than B, and the bonus of C is 150 more than the difference of the salaries of A and B. If C receives a bonus of 270, find A'...
A batsman scored 124 runs, which included 6 boundaries and 10 sixes. What percentage of his total score did he make by running between the wickets?
In a ward member election, a candidates secure 67% of the votes and is elected by majority of 5100 votes. The total number of votes polled is?
In 2011, the total population of a village was 5280, Out of which 30% were female. In 2012, the total population increased by 10% in comparison to the p...
What is the equivalent single discount percentage for two successive discounts of 20% and 10%?
In a conference, 78% people were present, and the no. of absentees was 110. The total number of the people who were invited was
- The sum of two values, ‘m’ and ‘n’, is 400. When ‘m’ is decreased by 10% and ‘n’ is increased by 25%, both become equal. Find the value of ...
‘X’ owns 40% less pens than ‘Y’. ‘Y’ owns 50% more pens than ‘Z’. By what percentage are the pens with ‘X’ less than those with ‘Z...
A Sales Executive gets a commission on total sales at 6%. If the sale is exceeded Rs.18,000 he gets an additional commission as a bonus of 3% on the exc...
Rahul was employed by a company in 2021 with a starting net salary of Rs. 25,000. By 2024, his gross salary had risen to Rs. 63,000. Assuming his net sa...
