Question

What obligations must every insurer, who begins to carry on insurance business after the commencement of the Insurance Regulatory and Development Authority Act, 1999, ensure during the first five financial years?

a.

Provide coverage only to urban areas

b.

Comply with obligations only in the first three financial years

c.

Undertake obligations pertaining to the persons in rural and urban areas

d.

Only focus on economically vulnerable classes

Answer: (c).Undertake obligations pertaining to the persons in rural and urban areas Explanation:Every insurer must ensure that they undertake obligations pertaining to the persons in rural and urban areas during the first five financial years.

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Q. What obligations must every insurer, who begins to carry on insurance business after the commencement of the Insurance Regulatory and Development Authority Act, 1999, ensure during...

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