UPSC Prelims Practice Questions — DFS Launches 'Bharat Maritime Insurance Pool’ of USD 1.5 billion, with a sovereign guarantee of USD 1.4 billion/₹12,980 crores to facilitate continuous maritime insurance coverages, in the background of current Middle Ea...

Q1. Which one of the following is the nodal department that launched the 'Bharat Maritime Insurance Pool' (BMIP)?

  • A. Department of Financial Services, Ministry of Finance
  • B. Department of Economic Affairs, Ministry of Finance
  • C. Ministry of Ports, Shipping and Waterways
  • D. Directorate General of Shipping under the Ministry of Commerce and Industry

Q2. In the context of the Bharat Maritime Insurance Pool (BMIP), what does the 'sovereign guarantee' of Rs 12,980 crore precisely denote?

  • A. An unconditional upfront capital infusion by the Government of India into GIC Re's reserves, available to pay every maritime claim from day one
  • B. A contingent backstop invoked only for claims exceeding USD 100 million, and only after the pool's reserves, member contributions and reinsurance arrangements are fully exhausted
  • C. A blanket government undertaking that fully indemnifies every Indian-flagged vessel against all war-risk losses regardless of pool capacity
  • D. An annual budgetary subsidy paid invariably to all pool members in proportion to premiums underwritten, irrespective of claims experience

Q3. Which one of the following entities has been designated as the Pool Administrator of the Bharat Maritime Insurance Pool (BMIP)?

  • A. New India Assurance Company Limited
  • B. General Insurance Corporation of India (GIC Re)
  • C. Insurance Regulatory and Development Authority of India (IRDAI)
  • D. Indian Register of Shipping (IRClass)

Q4. The Pension Fund Regulatory and Development Authority (PFRDA), whose policy and legislative issues are dealt with by the Department of Financial Services, has been constituted as a statutory body under which one of the following?

  • A. PFRDA Act, 2013
  • B. Pension Funds Act, 2003
  • C. Insurance Laws (Amendment) Act, 2015
  • D. Finance Act, 2004

Q5. Which one of the following entities provides Protection and Indemnity (P&I) liability cover to the largest share — approximately 90% — of the world's ocean-going tonnage, and on which Indian-flagged vessels have historically been heavily dependent?

  • A. International Group of P&I Clubs (London-based)
  • B. Lloyd's of London
  • C. General Insurance Corporation of India (GIC Re)
  • D. International Maritime Organization (IMO)

Q6. The Maritime India Vision 2030 and the Maritime Amrit Kaal Vision 2047 are formulated and operationalised by which one of the following Union Ministries/Departments?

  • A. Ministry of Shipping
  • B. Ministry of Ports, Shipping and Waterways
  • C. Department of Commerce, Ministry of Commerce and Industry
  • D. Ministry of External Affairs

Q7. With reference to the Maritime India Vision 2030 (MIV 2030) and the Maritime Amrit Kaal Vision 2047 (MAKV 2047), consider the following statements: 1. While MIV 2030 outlines around 150 initiatives across ten interconnected themes, MAKV 2047 builds upon it with over 300 actionable initiatives, including a target of placing India among the top five shipbuilding nations. 2. Both MIV 2030 and MAKV 2047 are steered by the Ministry of Ports, Shipping and Waterways as the nodal ministry. 3. The total envisaged investment outlay under MIV 2030 is larger than that under MAKV 2047. Which of the statements given above is/are correct?

  1. While MIV 2030 outlines around 150 initiatives across ten interconnected themes, MAKV 2047 builds upon it with over 300 actionable initiatives, including a target of placing India among the top five shipbuilding nations.
  2. Both MIV 2030 and MAKV 2047 are steered by the Ministry of Ports, Shipping and Waterways as the nodal ministry.
  3. The total envisaged investment outlay under MIV 2030 is larger than that under MAKV 2047.
  • A. 1 and 2 only
  • B. 2 and 3 only
  • C. 1 and 3 only
  • D. 1, 2 and 3

Q8. Which one of the following entities is the designated lead Indian reinsurer that administers domestic insurance pools such as the India Nuclear Insurance Pool (INIP) and serves as the principal pool administrator under IRDAI oversight?

  • A. General Insurance Corporation of India (GIC Re)
  • B. Life Insurance Corporation of India (LIC)
  • C. New India Assurance Company Limited
  • D. National Insurance Company Limited

Q9. As per the latest official figures (as on 30 November 2024) released by the Ministry of Ports, Shipping and Waterways, approximately how many Indian-flagged vessels (including Indian Controlled Tonnage) comprised the Indian shipping fleet?

  • A. About 850
  • B. About 1,550
  • C. About 2,400
  • D. About 3,100

Q10. In the context of registration of Indian-flagged vessels by the Directorate General of Shipping, the term "Gross Tonnage" of a ship refers to which one of the following?

  • A. The total weight of cargo, fuel, stores and crew that a ship can safely carry, expressed in metric tonnes
  • B. A standardised measure of the overall internal volume of the ship, computed under the IMO Tonnage Convention, 1969
  • C. The weight of water displaced by the ship when fully loaded to its summer load line
  • D. The volume of the cargo-carrying spaces of the ship after deducting spaces used for crew, machinery and navigation