New 👉 Ask your RBI Grade B 2025 Preparation Queries Here!!

    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