Question

What provision do the regulations make for a tie-up between a life insurer and a non-life insurer in offering micro-insurance products?

a.

No tie-ups allowed between life and non-life insurers

b.

Life insurers can only offer life micro-insurance products

c.

Tie-up is allowed, and in case of claims, the life insurer settles both life and non-life claims

d.

Non-life insurers can only offer general insurance products

Posted under IC 14 Regulations of Insurance Business

Answer: (c).Tie-up is allowed, and in case of claims, the life insurer settles both life and non-life claims Explanation:The regulations allow a tie-up between a life insurer and a non-life insurer, enabling a life insurer to offer both life and general micro-insurance products. In the event of claims, the life insurer forwards non-life claims to the non-life insurer for settlement.

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Q. What provision do the regulations make for a tie-up between a life insurer and a non-life insurer in offering micro-insurance products?
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