IRDA and its Licensing Functions MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on IRDA and its Licensing Functions, a fundamental topic in the field of IC 14 Regulations of Insurance Business. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our IRDA and its Licensing Functions MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of IRDA and its Licensing Functions mcq questions that explore various aspects of IRDA and its Licensing Functions problems. Each MCQ is crafted to challenge your understanding of IRDA and its Licensing Functions principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC 14 Regulations of Insurance Business tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our IRDA and its Licensing Functions MCQs are your pathway to success in mastering this essential IC 14 Regulations of Insurance Business topic.

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IRDA and its Licensing Functions MCQs | Page 7 of 20

Discover more Topics under IC 14 Regulations of Insurance Business

Q61.
What is the minimum working capital requirement for a TPA at any point in its functioning?

a.

Rs. 50 lakhs

b.

Rs. 75 lakhs

c.

Rs. 1 crore

d.

Rs. 2 crores

Discuss
Answer: (c).Rs. 1 crore Explanation:At no point in its functioning, the TPA shall have a working capital of less than Rs. 1 crore.
Q62.
Who is required to be a qualified medical doctor registered with the Medical Council of India among the directors of a TPA?

a.

CEO of the TPA

b.

Chief Financial Officer (CFO) of the TPA

c.

At least one of the directors of the TPA

d.

Legal advisor of the TPA

Discuss
Answer: (c).At least one of the directors of the TPA Explanation:At least one of the directors of the TPA shall be a qualified medical doctor registered with the Medical Council of India.
Q63.
What is the non-refundable processing fee required for an application for a TPA license according to the regulations?

a.

Rs. 10,000

b.

Rs. 15,000

c.

Rs. 20,000

d.

Rs. 25,000

Discuss
Answer: (c).Rs. 20,000 Explanation:The non-refundable processing fee for an application for a TPA license is Rs. 20,000.
Q64.
How much is the license fee that every TPA shall pay to the Authority before the license is granted?

a.

Rs. 20,000

b.

Rs. 25,000

c.

Rs. 30,000

d.

Rs. 35,000

Discuss
Answer: (c).Rs. 30,000 Explanation:Every TPA shall pay a further sum of Rs. 30,000 as license fee to the Authority before the license is granted.
Q65.
What is the waiting period for a TPA whose application has been rejected by the Authority to reapply for a license?

a.

One year

b.

Two years

c.

Three years

d.

Four years

Discuss
Answer: (b).Two years Explanation:A TPA whose application has been rejected by the Authority shall not, for a period of two years, apply once again to the Authority for a license.
Q66.
Within how many days of execution should a copy of the agreement between the TPA and the insurance company be filed with the Authority?

a.

10 days

b.

15 days

c.

20 days

d.

30 days

Discuss
Answer: (b).15 days Explanation:A copy of the agreement between the TPA and the insurance company or any modification shall be filed within 15 days of its execution with the Authority.
Q67.
How long does a TPA license granted by the Authority remain in force, unless revoked or canceled earlier?

a.

One year

b.

Two years

c.

Three years

d.

Four years

Discuss
Answer: (c).Three years Explanation:Every license granted by the Authority to a TPA or any renewal shall remain in force for three years, unless the Authority decides to revoke or cancel it earlier.
Q68.
What is the renewal fee for a TPA license for a further period of three years?

a.

Rs. 20,000

b.

Rs. 25,000

c.

Rs. 30,000

d.

Rs. 35,000

Discuss
Answer: (c).Rs. 30,000 Explanation:The renewal fee for a TPA license for a further period of three years is Rs. 30,000.
Q69.
How many days prior to the date of expiry of the license should the renewal application be submitted?

a.

15 days

b.

20 days

c.

30 days

d.

45 days

Discuss
Answer: (c).30 days Explanation:The renewal application in Form TPA-3, along with the renewal fee, should be submitted at least thirty days prior to the date of expiry of the license.
Q70.
What late fee is applicable for a delayed renewal application, and what should it be accompanied by?

a.

Rs. 50/-, written explanation

b.

Rs. 75/-, affidavit of reasons

c.

Rs. 100/-, written explanation

d.

Rs. 150/-, affidavit of reasons

Discuss
Answer: (c).Rs. 100/-, written explanation Explanation:A delayed application for renewal should be accompanied by a late fee of Rs. 100/- and state the reasons for the delay.
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