2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Insurance Regulatory and Development Authority of India
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Life Insurance Corporation of India
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HDFC Life insurance Corporation
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Birla life insurance Corporation
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Detailed explanation-1: -IFSC Insurance Broking office (IIBO) are permitted to transact direct insurance / reinsurance business from GIFT IFSC.
Detailed explanation-2: -If this application is made for the business of Life Insurance, General Insurance, or Health Insurance, there must be documentary evidence proving that the paid-up capital of the business is at least Rs. 100 crore.
Detailed explanation-3: -A candidate who wants to obtain insurance company license needs to file an application to the IRDAI in form IRDAI/R1 for an issuance of a demand for the registration application. Documents that will support the application are: Applicant is a company formed under Companies Act 2013. Certified of MOA and AOA.
Detailed explanation-4: -Currently the minimum capital needed to start a primary insurance company is Rs 100 crore as prescribed by the Malhotra Committee on Insurance Reforms. There are insurance companies who have started operations with a minimum capital over Rs 100 crore.