- Statement (i) correctly states that insurers are subject to the Act as long as their liabilities in India remain unsatisfied. - Statement (ii) is a standard procedural requirement for registration applications. - Statement (iii) outlines the requirement for the Authority to record reasons for refusal and inform the applicant. - Statement (iv) is incorrect as appeals against IRDAI decisions typically go to the Insurance Regulatory and Development Authority of India (IRDAI) Appellate Tribunal, not the Securities Appellate Tribunal.
Which statement is correct as per the Insurance Act, 1938? (i) Every insurer shall be subject to all the provisions of this Act in relation to any class of insurance business so long as his liabilities in India in respect of business of that class remain unsatisfied or otherwise provided for. (ii) Every application for registration shall be made in such manner and shall be accompanied by such documents as may be specified by the regulations. (iii) Where the Authority refuses registration, it shall record the reasons for such decision and shall furnish a copy thereof to the applicant. (iv) Any person aggrieved by the decision of the Authority refusing registration shall, within thirty days from the date on which a copy of the decision is received by him, appeal to the Securities Appellate Tribunal.
Asked in Paper I 4 · Topic: The Parliamentary Act (Legislative Procedures (Ordinary, Money, Financial, Constitutional Amendment Bills))
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