Question
Under the Insurance Act, 1938 , which of the following
is the minimum paid-up capital requirement for a company to carry out life or general insurance business in India?Solution
As per the amended provisions of the Insurance Act, 1938 (read with IRDAI regulations), the minimum paid-up equity capital required for: · Life insurance, · General insurance, or · Standalone health insurance business is ₹100 crore. For reinsurance businesses , the requirement is higher— ₹200 crore. This financial threshold ensures only companies with sound capital backing are allowed to operate in the insurance sector, safeguarding policyholder interests.
On dissolution, A’s capital = ₹50,000, B’s capital = ₹30,000. Cash realised = ₹60,000. Creditors = ₹20,000. Loss on realisation is shared eq...
Which of the following is an example of “Non-current liabilities”?
Provision of section 139(3) of the income Tax Act, 1961 is relating to ______.
Deferred Tax Liabilities’ is shown under which of the following heads in a Balance sheet as per the format given in Companies Act, 2013?
Share Options Outstanding Account is shown on the liabilities side in the Balance Sheet under the head:
Which of the following is an example of “tangible assets”?
What is the primary objective of the Fiscal Responsibility and Budget Management (FRBM) Act in India?
With respect to AS: 16 (Borrowing Costs), which of the following statement is incorrect?
S, an entity had 500 units of product X at 30 June 2015. The product had been purchased at a cost of $18 per unit and normally sells for $24 per unit. R...
As per IRDAI norms, an insurer must maintain a solvency ratio of at least 150%. If an insurer’s available solvency margin is ₹900 crore, what should...
