Q. How do insurers in India obtain permission to remit foreign exchange for their reinsurance transactions?

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Q. Which entities are permitted by the Reserve Bank of India to maintain foreign currency accounts in foreign countries for facilitating general insurance business undertaken abroad?

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Q. What type of payments can be received into foreign currency accounts by insurers in India?

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Q. Which liabilities can be paid out of foreign currency accounts by insurers in India?

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Q. Without requiring permission, which types of claims can be settled by insurers in India?

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Q. Which statements are required to be submitted periodically to the Reserve Bank of India by insurers in India?

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Q. Which statement is required to be submitted annually to the Reserve Bank of India by insurers in India?

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Q. In India, which of the following Acts governs the law and regulation relating to use of foreign exchange in respect of insurance and reinsurance transactions overseas?

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Q. What aspects is reinsurance accounting comprehensively connected with?

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Q. How is reinsurance commission typically expressed?

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Q. What is overriding commission in reinsurance?

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Q. How is the percentage of brokerage payable in reinsurance determined?

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Q. What is profit commission in reinsurance?

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Q. Which country levies a Service Tax of 5% on direct premium?

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Q. What law and regulation govern the use of foreign exchange in respect of insurance and reinsurance transactions overseas in India?

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Q. Who reviews and approves the reinsurance arrangements of the GIC Re?

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Q. Which regulatory authority grants permission to GIC Re as an authorized dealer to arrange remittances of foreign exchange for reinsurance arrangements?

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Q. Which of the following reinsurance commission method is used to calculate the rate of commission based on the loss ratio of the treaty during any one treaty year or during any one underwriting year?

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Q. Which of the following reinsurance commission method is used to calculate the rate of commission based on the loss ratio of the treaty during any one treaty year or during any one underwriting year?____________ is an additional percentage payable to a ceding insurer on profitable treaties in accordance with an agreed formula.

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Q. When a reinsurer receives business as an inward retrocession, the reinsurer will allow the ceding insurer _____________ over and above any share of the original commission that he may pay.

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