Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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According to Section 64A of the Insurance Act 1938, the Insurance Association of India consists of: - Members: All the insurers that are incorporated or domiciled in India, Associate members: All the insurers incorporated and domiciled outside India.
The Preamble to the Insurance Act, 1938 mentions that the aim of the Act is to consolidate (the various laws existing at that time) and amend the law relating to the business of insurance.
No Fault Liability - Section 140(1) of Motor Vehicles Act - Death - Rs 5 Lakhs and Permanent disablement - Rs 2.5 Lakhs
Permanent Disablement - (a) Permanent privation of the sight of either eye or the hearing of either ear privation of any member or joint or (b) Destruction or permanent impairing of the powers of any member or joint or (c) Permanent disfiguration of the head or face.
Section 64C of the Insurance Act, 1938 provides for two Insurance Councils in India. They are: The Life Insurance Council, The General Insurance Council.
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