Section 14 of IRDAI Act : Section 14: Duties, Powers And Functions Of Authority
IRDAI Act
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Explanation using Example
Imagine a scenario where a new insurance company, "SecureLife Insurance," wants to enter the Indian market. Before they can start their operations, they need to obtain a certificate of registration from the Insurance Regulatory and Development Authority (IRDA). The IRDA, in accordance with Section 14(a) of the IRDA Act, 1999, will evaluate SecureLife Insurance's application to ensure that the company meets all the necessary regulatory requirements to operate in the insurance sector.
Once SecureLife Insurance is registered, they must adhere to various regulati...
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