Question

What condition may result in the IRDA canceling the registration of an insurer as a penalty?

a.

Prompt compliance with the excess of assets over liabilities

b.

Liquidation or insolvency of the insurer

c.

Successful cancellation of standing contracts

d.

Return of the entire deposit made in respect of the insurance business

Posted under IC 14 Regulations of Insurance Business

Answer: (b).Liquidation or insolvency of the insurer Explanation:The registration of an insurer may be canceled if the insurer is in liquidation or is adjudged insolvent.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What condition may result in the IRDA canceling the registration of an insurer as a penalty?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. Under what circumstances can the IRDA cancel an insurer's registration at its discretion?

View solution

Q. What may lead to the cancellation of an insurer's registration if the Central Government of India directs?

View solution

Q. What happens to the insurer's rights and liabilities in existing contracts after the cancellation of registration?

View solution

Q. What action can the Authority take after the cancellation of registration if the insurer's affairs are not wound up?

View solution

Q. What conditions must an insurer fulfill within six months for the Authority to consider reviving registration after cancellation?

View solution

Q. What is one of the conditions for the revival of an insurer's registration after cancellation?

View solution

Q. What is the primary purpose of reinsurance?

View solution

Q. Why do insurance companies engage in reinsurance?

View solution

Q. What type of risks do reinsurance contracts primarily deal with?

View solution

Q. What are the fundamental objectives of reinsurance?

View solution

Q. What is a subtle difference between life and general insurance regarding reinsurance?

View solution

Q. What does IBNR stand for in the insurance context?

View solution

Q. How do insurance companies handle IBNR?

View solution

Q. What is the primary purpose of the Reinsurance Programme for general insurance?

View solution

Q. According to the General Insurance Reinsurance Regulations, what is one objective of the Reinsurance Programme?

View solution

Q. What is the common objective shared by both Life and General Reinsurance Regulations?

View solution

Q. What is the requirement regarding the filing of the reinsurance programme by life insurers according to the IRDA (Life Insurance – Reinsurance Regulations) 2000?

View solution

Q. Who certifies the profile of the reinsurance programme for life insurers according to the IRDA (Life Insurance – Reinsurance Regulations) 2000?

View solution

Q. What action can the Authority take regarding the reinsurance programme filed by a life insurer as per the IRDA (Life Insurance – Reinsurance Regulations) 2000?

View solution

Q. What is the requirement regarding the maintenance of retention by general insurers according to the IRDA (General Insurance – Reinsurance Regulations) 2000?

View solution
View All MCQs on IC 14 Regulations of Insurance Business

Recommended Subjects

Are you eager to expand your knowledge beyond IC 14 Regulations of Insurance Business? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Financial Management and Financial Markets

Master the world of finance with our Financial Management and Financial Markets...

Food Engineering

Explore the fascinating world of Food Engineering with our specialized category....

Professional Communication

Hone your communication skills with our Professional Communication category. Enhance...

Non Verbal Reasoning

Enhance your cognitive abilities with our Non-Verbal Reasoning category. Dive into...

Biochemical Engineering

Master the synergy of biology and engineering with our Biochemical Engineering...

General Knowledge

Expand your horizons and stay informed about the world with our General Knowledge...

Foundation Engineering

Master the principles of Foundation Engineering with our specialized category....

Dairy Engineering

Dive into the world of Dairy Engineering with our specialized category. Explore the...

Electronics and Communication Engineering

Explore the dynamic field of Electronics and Communication Engineering with our...