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CS Professional · Banking and Insurance - Laws and Practice · Functions in Insurance and Compliance related thereto (Part II)

A company secretary is checking the composition of the Executive Committee of the General Insurance Council under Section 64F(2). Which statement is correct?

The committee has four elected representatives of Council members, one eminent person outside insurance business nominated by the Authority, and four Authority nominees for agents, third party administrators, surveyors and loss assessors, and policyholders. The Chairperson is one of the elected four. Self-help group representatives belong to the life committee.

  1. AIt has four elected representatives of Council members, an eminent person outside insurance business nominated by the Authority, and four nominees of the Authority representing agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
  2. BIt has only elected members, with no nominee of the Authority
  3. CIt has four elected representatives and three nominees including representatives of self-help groups and Insurance Co-operative Societies
  4. DIts Chairperson is nominated by the Authority from the eminent persons

Explanation

Section 64F(2) lists four elected representatives, one eminent person nominated by the Authority, and four persons representing agents, third party administrators, surveyors and loss assessors, and policyholders. Self-help group and co-operative society representatives appear only in the Life Council committee under sub-section (1). The Chairperson is elected from among the four elected representatives.

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