Question

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

a.

Periodic returns not submitted

b.

Compliance with the Companies Act

c.

Successful claim settlement within three months

d.

Default in complying with any requirement of the Insurance Act or regulations

Posted under IC 14 Regulations of Insurance Business

Answer: (d).Default in complying with any requirement of the Insurance Act or regulations Explanation:The IRDA has the discretion to cancel the registration of an insurer if the insurer makes default in complying with, or acts in contravention of, any requirement of the Insurance Act or regulations.

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