New Register for Workshop on How to start for NABARD 2025 (Stepwise Plan) - Apr 26, 7 PM

    Question

    Which of the following accurately describes the

    Authority's powers regarding the examination of re-insurance treaties under the Insurance Act?
    A The Authority has the power to request an insurer to submit re-insurance treaties and contracts at any location of the insurer's choice in India, examine the insurer’s officers without oath, and demand uncertified copies of the documents by notice Correct Answer Incorrect Answer
    B The Authority may call upon an insurer to present re-insurance treaties and contracts for examination at the insurer’s principal place of business in India, examine any officer of the insurer under oath, and require certified copies of the documents by written notice Correct Answer Incorrect Answer
    C The Authority can request re-insurance treaties to be submitted at a location determined by the insurer, examine the documents at will, and obtain copies of any documents without certification Correct Answer Incorrect Answer
    D The Authority is authorized to demand submission of all re-insurance treaties at any office in India, interview officers about the documents without oath, and request copies of the documents without certification Correct Answer Incorrect Answer
    E The Authority may ask for re-insurance treaties and contracts to be submitted for examination at the insurer's office but cannot examine officers or request certified copies of documents Correct Answer Incorrect Answer

    Solution

    Section 101C. Examination of re-insurance treaties.—The Authority may, at any time-(a) call upon an insurer to submit for his examination at the principal place of business of the insurer in India all re-insurance treaties and other re-insurance contracts entered into by the insurer; (b) examine any officer of the insurer on oath in relation to any such document as is referred to in clause (a) above; or (c) by notice in writing, require any insurer to supply him with copies of any of the documents referred to in clause (a), certified by a principal officer of the insurer.

    Practice Next

    Relevant for Exams: