Question

What conditions must be met for insurers to remit claims under policies issued in foreign currency?

a.

The claim must be admitted by the competent authority of the insurance company

b.

The policy must be issued in foreign currency with specific approval of the Reserve Bank

c.

Claims on account of reinsurance must be lodged with the reinsurers

d.

All of the above

Posted under IC 14 Regulations of Insurance Business

Answer: (d).All of the above Explanation:For insurers to remit claims under policies issued in foreign currency, several conditions must be met: (i) The claim must be admitted by the competent authority of the insurance company. (ii)The policy must be issued in foreign currency with specific approval of the Reserve Bank. (iii) Claims on account of reinsurance must be lodged with the reinsurers. These conditions ensure compliance with regulatory requirements and proper claims settlement procedures.

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