New IRDAI 2024 Notification Out - 2 Lac+ Salary - Enroll Now!!

    Register

    Question

    According to the Insurance Act, what must a person or insurer do to legally carry on any class of insurance business in India after the commencement of the Act?

    A Obtain a certificate of registration from the Authority within six months of starting the business Correct Answer Incorrect Answer
    B Begin carrying on insurance business without any registration, but notify the Authority within three months Correct Answer Incorrect Answer
    C Obtain a certificate of registration from the Authority for the specific class of insurance business within three months from the commencement of the Act Correct Answer Incorrect Answer
    D Cease all insurance business immediately unless a certificate is obtained from the Authority within one month Correct Answer Incorrect Answer
    E Continue carrying on insurance business without any registration requirement as long as they were in business before the commencement of the Act. Correct Answer Incorrect Answer

    Solution

    Section 3. 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.

    Practice Next

    Relevant for Exams: