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IRDAI CA 2024 > IRDAI & Insurance Facts > Flashcards

IRDAI & Insurance Facts Flashcards

Current Affairs Based Facts

1
Q

Acc to the latest circular by IRDAI, to empower policyholders, a ____ days free look period applies to both Life & Health insurance policies, allowing policyholders to review the policy terms & conditions

A

30 days

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2
Q

Chairman of IRDAI?

A

Debasish Panda

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3
Q

IRDAI was launched in the year?

A

1999

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4
Q

IRDAI has recently celebrated it’s silver jubilee on ____ 2024

A

Apr 19

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5
Q

Insurance Act was passed and enacted in?

A

1938

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6
Q

In Bima Vitarak Manthan by IRDAI, its chairman said their aim is to create an environment that is?

A

Zero Friction
Zero Pain-Points
Zero Complaints

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7
Q

IRDAI’s target of achieving insurance for all by?

A

2047

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8
Q

IRDAI’s insurance trinity

A

Bima Sugam
Bima Vistar
Bima Vahak

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9
Q

Rank of India in the world insurance market

A

10th largest

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10
Q

In terms of emerging insurance markets, India is ranked ____ with growth of ____%

A

5th
32-34%

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11
Q

Premium volume of india in the global insurance market?

A

131 billion
1.9% share

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12
Q

India is projected to become the 6th largest in the global insurance market by ____

A

2032

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13
Q

No. of Life Insurance Companies Under IRDAI

A

24 companies

34 General Insurance (including ECGC)

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14
Q

Life & Health insurers, General insurers, Re-insurers, Brokers, Corporate Agents, Surveyors, Web Aggregators are all regulated by?

A

IRDAI

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15
Q

Type of insurance that covers legal liabilities

A

Liability Insurance

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16
Q

Term Insurance, Endowment Plans, ULIPs & Pension Plans
are what products?

A

Life Insurance Products

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17
Q

Individual plans and family floaters are what type of insurance?

A

Health Insurance product

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18
Q

Cargo insurance, hull insurance are what kind of insurance product?

A

Marine Insurance Product

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19
Q

Public Liability & Professional Indemnity are what kind of Insurance?

A

Liability Insurance Products

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20
Q

3rd party liabilities & comprehensive plans are a what kind of insurance?

A

Motor Insurance products

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21
Q

The govt has increased coverage under PM JJBY & SBY, why is this significant for insurance penetration?

A

% of premium to GDP or insurance penetration in india is still at 4%

Less than global average of 6.8%

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22
Q

IRDAI has introduced a new Expense of Management (EoM) guidelines in which it has ____ the existing commission structure of agents and intermediaries

A

not changed

insurer can offer structure within EoM

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23
Q

Max commission structure insurers can offer to their agents/intermediaries for a Term insurance - 1st year, renewal and single premium - is?

A

1st year: 100%
Renewal: 25%
Single Premium: 14%

with atleast a 10 year policy term

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24
Q

Max commission structure insurers can offer to their agents/intermediaries for a Traditional plan like whole life, money back and endowment - is?

A

80%

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25
Q

Max commission structure insurers can offer to their agents/intermediaries for a Gen & Health Insurance?

A

General: 30%
Health: 35%

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26
Q

Till when will IRDAI’s EoM guidelines be effective?

A

till Mar 31st, 2026

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27
Q

The Life insurance sector is considered a ____ sector experiencing upward growth due to growing ____ and ____ in the industry

A

Premium sector
Growing income and increasing awareness

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28
Q

In fiscal year 2023-24, the general insurance industry collected Rs. 1.09 crore in premium for ____ sector only

A

Health Insurance

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29
Q

Life insurance companies mobilised a whopping Rs. ____ in premiums, where ____ alone contributed Rs. 2.225 crore of the amt.

A

Rs. 3.779 crore
LIC alone

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30
Q

Top 5 states with the highest contribution in health insurance? Their combined share?

A
  1. Maharashtra
  2. Karnataka
  3. TN
  4. Gujarat
  5. Delhi
    Contributed 64% of total health insurance premiums
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31
Q

____ has proposed linking vehicle insurance premiums to the number of traffic violations a driver accumulates

A

VK Saxena, Delhi Lt Governor

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32
Q

The initiative where people with higher traffic offenses pay higher insurance premiums is based a ____ model

A

Tiered Insurance Model

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33
Q

The initiative to charge drivers with a higher record of traffic offenses with higher premiums is to align _____, reduce _____, promote _____.

A
  1. Align Costs With Risks
  2. Reducing Insurer Burden
  3. Promoting Safer Driving
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34
Q

In 2022, over ____ lakh road accidents recorded in India, resulting in approx ____ lakh fatalities

A

4.37 lakh road accidents
1.55 lakh fatalities

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35
Q

About ____% of accidents were due to speeding.

A

70%

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36
Q

Acc to a World Bank Study vehicles with multiple traffic violations have a ____% higher risk of fatal crashes

A

40% higher risk

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37
Q

Acc to Delhi Traffic Police 2023 report ___% of fatal road accidents involved vehicles previously fined for traffic violations

A

60%

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38
Q

Companies having asset value >Rs. ____ crore lies under large-cap and those from Rs. ____ - Rs. ____ crore are mid-cap company

A

Rs. 20,000 crore large cap
Rs. 10,000 - Rs. 20,000 crore

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39
Q

Companies from rankings __ -__ in terms of market capitalisation are known as mid-cap companies and ranking ____-____ are small-cap companies

A

Mid cap: 101-250
Small cap: 251-500

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40
Q

____ has allowed remote trading by foreign stock broking firms on Gift IFSC exchanges. Such firms will be allowed to trade directly on the stock exchange on a proprietary basis, without a ____

A

International Financial Services Centres Authority.
Broker

41
Q

Entities from 20 stock exchanges from 13 countries are allowed to be a RTPs except firms from?

A
  • Hong Kong
  • China
  • British Overseas Territories
42
Q

ARCs are required to have a min threshold capital Rs. ____ crore by March ____

A

Rs. 300 crore
March 2026

And Rs. 200 crore by 2024

43
Q

ARCs with a min NOF of Rs. ____ crore are permitted to act as resolution applicants in the asset resolution process under IBC, 2016

A

Rs. 1000 crore

44
Q

A short term unsecured promissory note?

A

Commercial Paper

45
Q

Long-term instrument issued by All-India Financial Institutions or Scheduled Commercial banks and regulated by RBI, with payout guaranteed from the start.

A

Certificate of Deposit

46
Q

A short-term finance used for interbank transactions

A

Call Money

47
Q

Bonds that do not pay interest during their term. Instead, they are issued at a deep discount to the face value or par value, issued by SCBs

A

Zero Coupon Bonds

48
Q

Used to describe the interlinked financial health of banks and corporations in an economy. When corporations struggle with high debt levels and low profits, they may default on loans repayments to banks leading to an inc in NPA for the banks, in turn affecting the bank’s lending capacity, limiting credit availability for businesses and impacting economic growth

A

Twin-Balance Sheet Problem

49
Q

SFBs have to allocate ____% of their total net credit to priority sector lending and ____% of their loan portfolio constitutes advances up to Rs. ___ lakh

A

75%
50% of loan portfolio up to 25 lah

50
Q

To convert from SFB to Universal Bank, SFB must:
1. be listed on a recognised ____
2. have a min net worth of Rs. ____
3. have a satisfactory track record of min ____ yrs
4. have GPA & NPA less than or equal to ___% & ____% in past 2 fin years

A
  1. recognised stock exchange
  2. min Rs. 1,000 crore
  3. track record of min 2 yrs
  4. GPA & NPA of less than or equal to 3% & 1% resp
51
Q

IRDAI has eliminated the age limit for purchasing health insurance, allowing all age groups to obtain coverage, effective from Apr 1, 2024. Previously the age cap was at ____ years

A

65 years

52
Q

Indian insurance market is projected to reach $____ by 2027

A

$200 billion

and 6th largest by 2032

53
Q

Currently, India ranks as the ____ largest life-insurance market globally

A

9th largest

54
Q

Currently India is the ____th largest Non-Life Insurance market

A

14th largest

55
Q

____ is the largest health assurance scheme in the world and is funded by the government

A

AB-PM JAY

56
Q

IEPF has been established under ____ Act, ____. Here, dividends, application money, matured deposits, which have remained unpaid or unclaimed for a period of ___ years are to be transferred to IEPF

Investor Education & Protection Fund

A

Companies Act 2013
7 years

57
Q

The amts credited to IEPF are maintained under the ____ funds of Govt of India and the shares & mutual fuds can be claimed from IEPF by filing ____ e-form.

A

Consolidated Funds of India
IEPF-5 e-form

58
Q

Consolidated funds of India are set up under Art ____ of the constitution

A

Art 266

59
Q

An online market place for buying & selling insurance policies as per the choice of the customer from multiple option by multiple companies

A

Bima Sugam by IRDAI

60
Q

Ownership of Bima Sugam by Life Insurance & General Insurance companies?
And that by brokers and agent bodies?

A

47.5%
2.5%

61
Q

What does film insurance cover?
1. Damages to set due to war or mechanical breakdowns
2. Wear & tear of equipment
3. Losses due to inventory shortage
4. Loss of money and baggage
5. Human errors, accidental erasure of recordings

A

Only 4

62
Q

Who pays film insurance premium?

A

Producer of film

A % of film’s overall budget

63
Q

General Insurance Corporation of India was formed in pursuance of Section _____ of GIBNA

A

Section 9(1) of GIBNA

General Insurance Business(Nationalisation Act 1972

64
Q

Entire general insurance business in India was nationalised by General Insurance Business (Nationalisation) Act of?

A

1972

65
Q

Which 4 companies are fully owned subsidiaries of GIC after nationalisation mergers?

A
  1. NICL
  2. NIACL
  3. Oriental Insurance (OICL)
  4. UIICL
66
Q

When did GIC’s supervisory role over the 4 subsidiaries end and it was renotified as the Indian Reinsurer?

A

Nov 2000

67
Q

Acc to the Insurance Act 1938, the minimum paid-up equity capital required to set up insurance companies in India is?

A

Rs. 100 crore

68
Q

Min capital requirement for reinsurance businesses is Rs. ____ crore as per Insurance Act, 1938

A

Rs. 200 crore

69
Q

An economic phenomenon where the rapid development of one sector of the economy (usually natural resources) causes a decline in other sectors and is often characterised by a substantial appreciation of domestic currency?

A

Dutch Disease

70
Q

India’s insurance density was $____ with Life Insurance being $____ and non-life insurance being $____

A

$92
Life $70
Non-Life $22

71
Q

Indians pay ___% GST on term and health insurance premiums, significantly higher than what is charged in US, UK & SA

A

18%

72
Q

Parametric insurance is to protect women ____ from income losses due to ____

A

daily wage worker
- Extreme weather (heat waves, cold spells, floods)

73
Q

What is the payout in Parametric insurance for women daily wage workers?

A

Rs. 4000 when temp exceeds 40 degrees
can go upto Rs. 1,800 for more severe weather conditions

74
Q

Who are covering these women in parametric insurance?

A
  1. Climate Resilience for All (CRA)
  2. SEWA
  3. Swiss Re
  4. ICICI Lombard

all to cover 50,000 women workers across india

75
Q

G. Srinivasan is the MD & CEO of?

A

Galaxy Health Insurance Company

76
Q

As per recent circular of IRDAI, insurers should decide on request for cashless authorisation within ___ hr and for discharge authoristion within ___ hrs

A

1 hr
3 hrs

77
Q

A CIS is issued along with a policy doc upon purchase to demystify the legal contractual language in simple words. Combined with a free look-up period of ____ days

A

7 days

78
Q

Who established NHCX? When was it established?

A

National Health Authority (NHA) & IRDAI
2024

79
Q

Acc to IRDAI’s regulation’s foreign companies were allowed ownership of up to ____ %
The authority has the power to frame regulations under Section ____ of the ____ Act, ____

A

26%
Sec 114A, Insurance Act 1938

80
Q

New norms of IRDAI for Surrender Value will allow insurers to charge:
____% of premiums for customer exits in 1 year.
____% for 2 yrs
____% for 3 yrs
____% for 4-7 years

A

100% for 1 year
70% for 2 yrs
65% for 3 yrs
50% for 4-7 yrs

81
Q

3 D-SIIs identified by IRDAI for the yr 2023-24 are? They are determined on?

A

LIC
GIC
NIACL
Size, Market Importance, Domestic & Global Interconnectedness

82
Q

Bima Vahaks shall be deployed in each gram panchayat before 31st ____. Its main aim is to establish?

A

December 2024
Women-centric dedicated insurance distribution channel in rural areas

83
Q
  1. CMD of UIIC
  2. CMD of LIC
  3. CMD of GIC
A
  1. Bhupesh Sushil Rahul
  2. Siddhartha Mohanty
  3. Ramaswamy Narayan
84
Q
  1. CMD of NIACL
  2. CMD of AICIL

Agri insurance company of India Ltd

A

Girijia Subramanian

85
Q

Which General insurance company was founded by Dorabji Tata in 1919?

A

NIACL

86
Q

LIC International BSC was established in? And LIC was established in?

A

International: July 1989
Sept 1955

In Bahrain for Indians in GCC

87
Q

Oriental Life Insurance was the 1st company in India to offer Life insurance to indian it was established in ____ in the year ____ by ____

A

Kolkata, 1818, by Bipin Das Gupta

88
Q

LIC’s initial public offering was Rs. ____ crore, making it India’s largest IPO to date

A

Rs. 21000

89
Q

The 7 Principles of insurance?

A

Utmost Good Faith
Insurable Interest
Proximate Cause
Indemnity
Subrogation
Contribution
Loss Minimisation

Uncle Is Playing In Sunny Cities Lately

90
Q

Permitted FDI In Insurance?

A

74%
100% for intermediaries

91
Q

In yr ____ IRDAI opened the bancassurance channel for insurance penetration

A

2022

92
Q

IRDAI has asked both bank-sponsored and non-bank sponsored insurance companies to implement IFRS 17 regulations by FY?

A

2027

93
Q

IRDAI has proposed to price Bima Vistaar, its ambitious all-in-one affordable mass product aimed at the rural areas of the country, at Rs. ____ per policy

A

Rs. 1500

94
Q

Life insurance density increased to ____ from 69 in 2021-22

A

70

95
Q

Which country in world has highest Insurance density and penetration?

A

USA

96
Q

____ contributes to majority of total premium underwritten by Life Insurers at 52.56%

A

Renewal Premium

97
Q

LIC is the only life insurer underwriting business outside of India and collected a total premium of ____ crore in 2022-23

A

400

98
Q

Life insurance segment constitutes ____% total life insurance premium followed by pension & annuity segments together about ____%

A

77%
23%

IRDAI CA 2024 (12 decks)

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