Frames regulations for the insurance industry in terms of Section.....of the Insurance Act 1938 from the year 2000 has registered new insurance companies in accordance with regulations.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Frames regulations for the insurance industry in terms of Section____of the Insurance Act 1938 from the year 2000 has registered new insurance companies in accordance with regulations.

A	section 124C
B	section 194B
C	section 114A
D	section 127E

Explanation:

Detailed explanation-1: -The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests.

Detailed explanation-2: -Power of Authority to make regulations.-(1) The Authority may, by notification in the Official Gazette, make regulations consistent with this Act and the rules made there under, to carry out the purposes of this Act.

Detailed explanation-3: -Section 26 (1) of IRDAI Act, 1999 and 114A of Insurance Act, 1938 vests power in the Authority to frame regulations, by notification.

There is 1 question to complete.