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Under Section 18 of the Insurance Act 1938, every insurer must furnish to the Authority a certified copy of:
A{'text': 'Every advertising campaign', 'letter': 'A'}
B{'text': 'Every report on the affairs of the concern submitted to members or policyholders', 'letter': 'B'}
C{'text': 'Every employee appraisal', 'letter': 'C'}
D{'text': 'Every claim above ₹1 crore', 'letter': 'D'}
Answer & Solution
Correct answer: B. {'text': 'Every report on the affairs of the concern submitted to members or policyholders', 'letter': 'B'}
1. Section 18 obligates a parallel submission to the regulator.
2. Reports made to members or policyholders must be shared with the Authority.
3. Every insurer shall furnish to the Authority a certified copy of every report on the affairs of the concern.
_Source: Insurance Act 1938 (incorporating amendments till 2021), noc.irdai.gov.in — "Every insurer shall furnish to the Authority a certified copy of every report on the affairs of the concern which is submitted to the members or policy-holders of the insurer immediately after its submission"_