Doubts in insurance chapter-
1)Sir can insurance cos deal in life as well as general or health insurance at the same time ?
2)As discussed in video reinsurance business is done by general insurance cos , so does it include health ins co? OR only Fire, marine, misc and marine hull?
- We dont study Insurance Act & Regulations is detail and in totality in audit. We study bits and pieces as prescribed by our module. Sections and regulations which are relevant for us for studies dont clarify on this point. But practically there is no such company in India which provide both. So we can conclude from circumstantial evidence that single company cannot provide both. Further as per section or regulation is matter of research, but such research is not relevant in ca final audit.
- Reinsurance can take place in life insurance also, earlier we had only general insurance in course, hence icai included reinsurance with general insurance only but yes it is done in both life as well as general.