Section 3 of IA : Section 3: Registration

IA

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Explanation using Example

Imagine a scenario where a new company, "SafeHeaven Insurance Pvt. Ltd.," decides to enter the Indian market to provide health insurance policies. Before they can legally start their business operations, they must apply to the Insurance Regulatory and Development Authority (IRDA) to obtain a certificate of registration, as mandated by Section 3(1) of the Insurance Act, 1938.

The company prepares its application, ensuring it includes all the necessary documents as specified by IRDA regulations, in compliance with Section 3(2) of the Act. In their application, they highlight their sound financial condition, competent management team, and the adequacy of their capital structure, addressing the criteria listed...

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