Home › LIC AAO › insurance › Insurance Act 1938 — Returns › Section 21(1)(d) of the Insurance Act 1938 allow…
Section 21(1)(d) of the Insurance Act 1938 allows the Authority to decline a return unless the inaccuracy is corrected within:
A{'text': '7 days', 'letter': 'A'}
B{'text': '14 days', 'letter': 'B'}
C{'text': '1 month from the requisition', 'letter': 'C'}
D{'text': '3 months from the requisition', 'letter': 'D'}
Answer & Solution
Correct answer: C. {'text': '1 month from the requisition', 'letter': 'C'}
1. Section 21(1)(d) gives the Authority power to reject an inaccurate return.
2. It sets a default correction window for the insurer.
3. Before the expiry of one month from the date on which the requisition asking for correction was delivered to the insurer.
_Source: Insurance Act 1938 (incorporating amendments till 2021), noc.irdai.gov.in — "decline to accept any such return unless the inaccuracy has been corrected or the deficiency has been supplied before the expiry of one month from the date on which the requisition asking for correction of the inaccuracy or supply of the deficiency was delivered to the insurer"_