New Register here for RBI, SEBI & NABARD strategy workshop! April 9 at 7 PM

    Question

    As per the General Insurance Business (Nationalization)

    Act what are the various functions of a Corporation?
    A Carrying on of any part of the general insurance business, if it thinks it desirable to do so Correct Answer Incorrect Answer
    B Advising the acquiring companies in the matter of controlling their expenses including the payment of commission and other expenses Correct Answer Incorrect Answer
    C Advising the acquiring companies in the matter of the investment of their funds Correct Answer Incorrect Answer
    D All a b & c Correct Answer Incorrect Answer
    E Both a & b Correct Answer Incorrect Answer

    Solution

    Explanation: Section 18. Functions of Corporation—(1) The functions of the Corporation shall include— (a) the carrying on of any part of the general insurance business, if it thinks it desirable to do so; (b) aiding, assisting and advising the acquiring companies in the matter of setting up of standards of conduct and sound practice in general insurance business and in the matter of rendering efficient service to holders of policies of general insurance; (c) advising the acquiring companies in the matter of controlling their expenses including the payment of commission and other expenses; (d) advising the acquiring companies in the matter of the investment of their funds; (e) issuing directions to acquiring companies in relation to the conduct of general insurance business: 1 [Provided that all the functions of the Corporation specified in this sub-section, on and from the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002, shall be performed by the Central Government.

    Practice Next

    Relevant for Exams: