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Insurance and Finance - General Knowledge Questions
A)
M R Kumar
B)
Brendan Callan
C)
Mahesh Kumar Sharma
D)
Bruce de Broize

Correct Answer :   Bruce de Broize

* Generali Asia has appointed Bruce de Broize as MD and CEO of  Future Generali India Life Insurance (FGILI).

* He takes over from Miranjit Mukherjee who served as interim CEO since September 2021.

* He was the Regional Head of Distribution for Generali Asia based in Hong Kong for over five years.

* In March, Generali has become the majority shareholder of the Indian life insurance joint venture after getting all regulatory approvals.

Source : Financial Express

A)
Rs 20
B)
Rs 40
C)
Rs 60
D)
Rs 80

Correct Answer :   Rs 60

The mega LIC IPO Price Band has been fixed at Rs 902-949 per share with Rs 60 discount per share for policyholders and a Rs 40 discount per share for retail investors and employees. LIC is looking to raise close to Rs 21000 crore at the upper end of the price band. 

A)
April 29th, 2022
B)
May 1st, 2022
C)
May 3rd, 2022
D)
May 4th, 2022

Correct Answer :   May 4th, 2022

The much-awaited initial public offering, Life Insurance Corporation of India (LIC IPO) is likely to open on May 4th and close on May 9th, 2022. The development comes after market regulator, Sebi, gave its approval to the updated draft red herring prospectus, which lists a 3.5 percent stake sale instead of 5 percent as mentioned in the previous draft papers. 

A)
Bhargav Dasgupta
B)
Jasleen Kohli
C)
Mahesh Kumar Sharma
D)
Krishnan Ramachandran

Correct Answer :   Jasleen Kohli

Digit Insurance has appointed Jasleen Kohli as the company’s new managing director (MD) and chief executive officer (CEO) with effect from April 20, 2022. She succeeds Vijay Kumar who retired from the company on April 19, 2022. She served as chief distribution officer (CDO) at Digit, where she was responsible for all of the company’s sales and distribution channels.
 
In 2021, Digit increased its worth to USD 3.5 billion in less than six months after raising USD 200 million in a funding round. The company also announced it has promoted Adarsh Agarwal from the role of Appointed Actuary to Chief Distribution Officer (corporate business). Nikhil Kamdar has been appointed as the next Appointed Actuary, replacing Agarwal.

A)
Rs 17 lakh
B)
Rs 25 lakh
C)
Rs 32 lakh
D)
Rs 46 lakh

Correct Answer :   Rs 17 lakh

The Reserve Bank of India (RBI) has imposed a fine on Manappuram Financing, a non-banking finance company, of Rs 17 lakh for violating KYC rules and prepaid payment instrument norms.
 
According to an RBI press release issued on April 18, 2022, “The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers.”
 
Why was the fine imposed?
The company was found to be in violation of RBI instructions on KYC and minor PPI standards. As a result, the entity was given notice to show cause why a penalty should not be applied for failing to follow the orders.
 
RBI found that the aforementioned accusation of non-compliance with RBI orders was proven and warranted imposition of monetary penalty after reviewing the entity's answer and giving it a personal hearing..

Source : Economic Times

A)
Manipur
B)
Mizoram
C)
Tripura
D)
Meghalaya

Correct Answer :   Tripura

Tripura Cabinet approved a proposal on April 20, 2022 to introduce a health insurance cover for accredited journalists associated with print, web and electronic media organisations. Under the scheme, journalists in the age group 21-65 years who have not enrolled in other health insurance schemes or Ayushman Bharat, can be considered eligible for the benefits of the scheme.

A)
3
B)
4
C)
5
D)
6

Correct Answer :   3

Three(3) public sector general insurance businessesNational Insurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company – have had their authorised share capital increased by the government. This will allow for a capital inflow of Rs. 5,000 crore into these businesses.
 
 
Important Points :
 
* The permitted capital for National Insurance will now be 15,000 crore (1,500 crore shares with a face value of 10 apiece), up from the current 7,500 crore, according to a notification released by the Finance Ministry (1,500 crore shares with a face value of ten each).

* Oriental Insurance would have a market capitalization of 7,500 crore (750 crore shares with a face value of ten rupees each), up from 5,000 crore (500 crore shares with a face value of ten rupees each).

* United India Insurance’s permitted capital has been increased to Rs 7,500 crore.

* United India Insurance’s authorised capital has been raised from 5,000 crore (500 crore shares with a face value of 10) to 7,500 crore (750 crore shares with a face value of 10).

* Finance Minister Nirmala Sitharaman announced in her FY 2018-19 Budget speech that three public sector general insurance companies, National Insurance Company Ltd., United India Assurance Company Limited, and Oriental India Insurance Company Limited, would be merged into a single insurance entity and then listed.

A)
ICICI Lombard
B)
Life Insurance Corporation
C)
The Oriental Insurance Company
D)
HDFC ERGO General Insurance Company

Correct Answer :   HDFC ERGO General Insurance Company

HDFC ERGO General Insurance Company, a leading private general insurer and a digital-first company leads the way in customer loyalty with the launch of the VAULT program, an industry-first digital customer engagement and rewards program.
 
HDFC ERGO is committed towards enhancing customer experience and making them feel valued. Staying true to this commitment, the Company has taken advantage of the Regulatory Sandbox by IRDAI, in the form of VAULT, an experiment to test a new idea.
 
Under this program, the insurer will incentivize its Optima Restore health insurance customers by way of reward points for performing certain activities like staying insured under the policy for more than two years, holding two active HDFC ERGO retail policies, interacting digitally, using the cashless network of healthcare providers, etc.
 
These reward points, equivalent to cash, can be redeemed against a wide range of wellness offers like pharmacy vouchers, doctor consultations, etc; or can be used for social causes or buying insurance products.
 
Speaking about the launch of (https://www.hdfcergo.com/vault) VAULT, Ravi Vishwanath, President - Accident & Health Business, HDFC ERGO General Insurance said, "Innovation is the key to all that we do at HDFC ERGO. The Regulatory Sandbox gives us the impetus we need to innovate and introduce new and unique offerings for our customers. We believe that with VAULT, the relationship with our policyholders will go beyond the traditional transactional mode and help us provide more value to them. While it will pave the way to deeper engagement, it will facilitate reaching out to many new such customers who are keen to associate with an insurer who nurtures and values its customers' loyalty."..
 

A)
Niva Bupa
B)
Star Health
C)
ICICI Lombard
D)
Max Life Insurance

Correct Answer :   Star Health

This International Women's Day, health insurance company Star Health and Allied Insurance Co. Ltd., announced the launch of Star Women Care Insurance Policy, a woman-centric comprehensive health cover specially designed to protect the health-care needs of women at every stage of their lives.
 
According to the company, "The Star Women Care Insurance Policy is available as both an individual policy and a floater policy to all females from 18 years up to 75 years of age. Women need not undergo any premedical tests to avail this policy. Customers can purchase the policy through premiums that can be paid in quarterly or half-yearly instalments, and this policy can also be taken for 1 year, 2 year or 3-year terms."
 
In addition to regular hospitalization, the policy provides cover for assisted reproduction treatment, delivery (pre and post-natal cover), multiple medical consultations, preventive health check-ups, voluntary sterilization as well as child hospitalization.
 
Through this policy, mothers can also provide health cover for their new-born child / children. Under the policy, a new-born will gain health cover of up to 25% of the Sum Insured from day 1 and 100% of sum insured from the next subsequent year onward. The policy’s Star Mother Cover feature even covers the hospital room rent of the insured mother if the insured child is less than 12 years old and is hospitalized in the ICU..

Source : Livemint

A)
Niraj Shah
B)
Sangramjit Sarangi
C)
Sunil Agrawal
D)
Gopal Balachandran

Correct Answer :   Sunil Agrawal

IPO-bound "Life Insurance Corporation (LIC)" has appointed "Sunil Agrawal" as its chief financial officer (CFO).
 
Agrawal took charge on Wednesday(2nd Mar 2022), sources said.
 
This is the first time that LIC has appointed an outsider as CFO.
 
Prior to this, LIC Executive Director Shubhangi Sanjay Soman was holding charge as CFO of the insurance behemoth.
 
Agrawal was earlier the CFO of Reliance Nippon Life Insurance for over 12 years. He was also associated with ICICI Prudential Life Insurance for 5 years.
 
LIC had in September invited applications for the post of CFO. The post is contractual and the CFO would get remuneration of about Rs 75 lakh per annum.
 
The appointment will be for a period of three years or the candidate attaining 63 years of age, whichever is earlier.
 
LIC was preparing to go public in March itself. However, the prevailing geopolitical volatility triggered by the Russia-Ukraine conflict may defer the mega IPO.
 
Finance Minister Nirmala Sitharaman too had indicated review of LIC's initial public offering (IPO) in view of the evolving geopolitical situation..