Question

Which types of insurance business were required by statute to be ceded by every insurer in India in 1961?

a.

Fire and Marine Cargo

b.

Marine Hull and Miscellaneous insurance (other than Credit and Solvency)

c.

Credit and Solvency business

d.

All of the above

Posted under IC85 Reinsurance Management

Answer: (d).All of the above Explanation:The government made it compulsory by statute on the part of every insurer to cede 20% in Fire and Marine Cargo, 10% in Marine Hull and Miscellaneous insurance (other than Credit and Solvency), and 5% in Credit and Solvency business to approved Indian reinsurers, namely India Reinsurance Corporation and Indian Guarantee and General Insurance Company.

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Q. Which types of insurance business were required by statute to be ceded by every insurer in India in 1961?
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