Section 64VA of IA : Section 64Va: Sufficiency Of Assets

IA

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Explanation using Example

Example Application of Section 64VA of The Insurance Act, 1938:

Imagine XYZ Insurance Co., a company that offers various insurance policies, has been experiencing a rapid increase in claim payouts due to an unexpected series of natural disasters. As a result, the company's liabilities have increased significantly, and the value of its assets has decreased. According to Section 64VA(1) of the Insurance Act, 1938, XYZ Insurance Co. must maintain an excess of the value of assets over liabilities of at least fifty percent of the minimum capital required ...

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