New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    According to the Insurance Act, how should the assets in

    India of any insurer be kept, except in certain circumstances?
    A In the personal name of the insurer's CEO Correct Answer Incorrect Answer
    B In the name of a public officer approved by the Authority or in the corporate name of the undertaking Correct Answer Incorrect Answer
    C In the name of a government official Correct Answer Incorrect Answer
    D In the name of the insurer's board of directors Correct Answer Incorrect Answer
    E In the name of the insurer's chief financial officer Correct Answer Incorrect Answer

    Solution

    Section 31 Assets of insurer how to be kept- (1) None of the assets in India of any insurer shall, except in so far as assets are required to be vested in trustees under sub-section (7) of section 27, be kept otherwise than in the name of a public officer approved by the Authority, or in the corporate name of the undertaking, if a company or an insurance co-operative society, as the case may be.  

    Practice Next