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NIACL Administrative Officer Insurance Act 1938 — Accounts Separation — practice questions

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Insurance Act 1938 — Accounts Separation questions and exercises with answers

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Section 11(2) of the Insurance Act 1938 requires insurers to keep separate accounts for:Read the answer and worked solution →

Worked practice questions

Section 11(2) of the Insurance Act 1938 requires insurers to keep separate accounts for:

  1. Each branch office
  2. Life vs general only
  3. Shareholders' funds and policyholders' funds
  4. Insurance vs investment activities
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Correct answer: C. Shareholders' funds and policyholders' funds

1. Section 11(2) addresses internal segregation of accounts. 2. Insurers manage funds from two distinct stakeholder groups. 3. Every insurer shall keep separate accounts relating to funds of shareholders and policyholders. _Source: Insurance Act 1938 (incorporating amendments till 2021), noc.irdai.gov.in — "Every insurer shall keep separate accounts relating to funds of shareholders and policyholders."_

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