Section 102 of IA : Section 102: Penalty For Default In Complying With, Or Act In Contravention Of This Act
IA
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Explanation using Example
Example of Section 102 of The Insurance Act, 1938:
Imagine an insurance company, 'SafeGuard Insurance', is required by the Insurance Regulatory and Development Authority (IRDA) to submit an annual solvency margin report. The solvency margin is a mandatory financial buffer that insurance companies must maintain to ensure they can meet their long-term obligations to policyho...
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