A Company already engaged in the business of marine and fire insurance would like to take-up the business of life insurance. Discuss the possibility of taking on this business. Also briefly describe under what circumstan

No person can carry on Insurance business unless & until he has obtained a certificate from the Authority for a particular class of Insurance business. For e.g. A person can start life Insurance, marine Insurance, fire Insurance, health Insurance etc. But a life Insurance business cannot be combined with other type of Insurance business. The registration of an Indian insurance company or insurer may be suspended for a class or classes of insurance business, in addition to any penalty that may be imposed or any action that may be taken, for such period as may be specified by the Authority, in the following cases: Conducts its business in a manner prejudicial to the interests of the policy-holders; Fails to furnish any information as required by the Authority relating to its insurance business; Does not submit periodical returns as required under the Act or by the Authority; Does not co-operate in any inquiry conducted by the Authority; Indulges in manipulating the insurance business; Fails to make investment in the infrastructure or social sector as specified under the Insurance Act.