Question

What is the basis for calculating the renewal fee for an insurer's registration?

a.

Fixed amount irrespective of premium income

b.

One-tenth of one percent of total gross premium

c.

One-fourth of one percent of total gross premium written direct in India

d.

One-fifth of one percent of total gross premium written direct in India

Posted under IC 14 Regulations of Insurance Business

Answer: (d).One-fifth of one percent of total gross premium written direct in India Explanation:The renewal fee for an insurer's registration is the higher of fifty thousand rupees for each class of insurance business or one-fifth of one percent of total gross premium written direct in India during the financial year preceding the year in which the application for renewal is required.

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Q. What is the basis for calculating the renewal fee for an insurer's registration?
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