Question

What action can IRDA take if discontinuance charges are found to be excessive?

a.

Order the insurer to recover additional charges.

b.

Order the insurer to refund discontinuance charges.

c.

Increase the cap on discontinuance charges.

d.

Enforce higher discontinuance charges.

Posted under IC 89 Management Accounting

Answer: (b).Order the insurer to refund discontinuance charges. Explanation:IRDA can order the refund of discontinuance charges if found excessive on enquiry.

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Q. What action can IRDA take if discontinuance charges are found to be excessive?
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