Question

What is the primary purpose of regulations created by the insurance regulator?

a.

To maximize profits for insurance companies

b.

To limit coverage options for policyholders

c.

To protect the interests of policyholders and ensure their contractual rights are upheld

d.

To restrict the growth of the insurance industry

Posted under IC 14 Regulations of Insurance Business

Answer: (c).To protect the interests of policyholders and ensure their contractual rights are upheld Explanation:The primary purpose of regulations created by the insurance regulator is to protect the interests of policyholders and ensure their contractual rights are upheld.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the primary purpose of regulations created by the insurance regulator?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. Which of the following statements best describes the role of insurance in society?

View solution

Q. When was the IAIS established?

View solution

Q. What is the role of the International Association of Insurance Supervisors (IAIS)?

View solution

Q. What is the primary focus of "The Geneva Association"?

View solution

Q. Which organization is the apex body of fifty State-level regulators of the USA?

View solution

Q. What is the role of the International Association of Insurance Supervisors (IAIS)?

View solution

Q. Which organizations have contributed to insurance reform worldwide?

View solution

Q. How do regulators ensure a level playing ground for all insurers?

View solution

Q. What is the consequence of over-pricing insurance products?

View solution

Q. Why is it difficult for customers to evaluate an insurance policy at the time of purchasing insurance?

View solution

Q. What does solvency measure for insurance companies?

View solution

Q. Why do regulators create accounting norms, investment norms, audit systems, etc. for insurers?

View solution

Q. What is the minimum capital requirement for starting a life insurance business in India?

View solution

Q. What is one reason insurance regulators prescribe a high capital base for issuing licenses?

View solution

Q. What role does the regulator play in protecting policyholders?

View solution

Q. What distinguishes insurance regulation from regulation in other branches of finance or economics?

View solution

Q. What is the scope of insurance regulation?

View solution

Q. Which of the following scenarios demonstrates the role of insurance in providing financial security?

View solution

Q. What is the common purpose served by insurance regulations in all countries?

View solution

Q. What was the purpose of enacting the Insurance Regulatory and Development (IRDA) Act, 1999?

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!

DC Machines

Dive into the fundamentals of direct current (DC) machines with our specialized...

Life Sciences

Delve into the diverse world of life sciences with our specialized category. Explore...

Biology

Dive into the realm of life sciences with our Biology category. Explore the wonders...

Civil Engineering

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

Power Plant Engineering

Embark on a journey through the fascinating domain of Power Plant Engineering, where...

Verbal Reasoning

Sharpen your logical thinking and reasoning abilities with our Verbal Reasoning...

Fluid Mechanics

Unlock the mysteries of fluids and their behavior with our Fluid Mechanics category....

Verbal Ability

Hone your language and communication skills with our Verbal Ability category. Enhance...

Analytical Instrumentation

Dive into the world of precise measurements with our Analytical Instrumentation...