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Under the Insurance Act 1938, where the Authority declines to accept a return, the insurer may appeal to:
A{'text': 'The Supreme Court', 'letter': 'A'}
B{'text': 'The Insurance Ombudsman', 'letter': 'B'}
C{'text': 'The Chief Justice of India', 'letter': 'C'}
D{'text': 'The Securities Appellate Tribunal (SAT)', 'letter': 'D'}
Answer & Solution
Correct answer: D. {'text': 'The Securities Appellate Tribunal (SAT)', 'letter': 'D'}
1. Section 21(2) provides an appellate remedy against the Authority's rejection.
2. Insurance-sector appeals lie before a specialised tribunal.
3. The Securities Appellate Tribunal may, on the application of an insurer and after hearing the Authority, cancel any order under clause (d).
_Source: Insurance Act 1938 (incorporating amendments till 2021), noc.irdai.gov.in — "The Securities Appellate Tribunal may, on the application of an insurer and after hearing the Authority, cancel any order made by the Authority under clause (d) of sub-section (1)"_