CS Professional · Banking and Insurance - Laws and Practice · Concept of Insurance
A student preparing a note on the Executive Committee of the General Insurance Council asks who, besides four elected members and an eminent person, is on it. Under Section 64F of the Insurance Act, 1938, which statement is correct?
The General Insurance Council's Executive Committee includes four persons nominated by the Authority to represent insurance agents, third party administrators, surveyors and loss assessors, and policyholders respectively. The three-person nomination with intermediaries and the self-help group seats relate to the Life Insurance Council under Section 64F(1).
- AFour persons representing insurance agents, third party administrators, surveyors and loss assessors, and policyholders respectively are nominated by the AuthorityCorrect
- BTwo representatives of self-help groups are elected by the Council
- CThree persons representing agents, intermediaries and policyholders are nominated by the Authority
- DFour agents are elected by the members of the Council
Explanation
Section 64F(2)(c) provides for four persons to represent insurance agents, third party administrators, surveyors and loss assessors, and policyholders, nominated by the Authority. The three-person formula with intermediaries and self-help group representatives belongs to the Life Insurance Council's committee in sub-section (1).
Did you get it right without looking?
One question tells you little. A timed set on Concept of Insurance shows your real accuracy, how long you take and where you lose marks.
More Concept of Insurance questions
- Meena Sharma, an agent of Bharat Life Insurer, offers her cousin Arun a refund of Rs 2,000 out of her commission of Rs 5,000 if he buys a po…
- After the IRDA Act, 1999 came into force, the Authority was superseded by the Central Government under the IRDA Act. Under the Insurance Act…
- Sunrise Assurance Ltd, an Indian insurer, is told by a consultant that its obligations towards the rural sector and unorganised workers are …
- A student reads an expression in the Insurance Act, 1938 that is not defined in it but is defined in the IRDA Act, 1999. Under section 2A, w…
- The General Insurance Council passes a resolution waiving collection of the prescribed fees from general insurers for a particular year. Und…
- Kisan Bima Ltd. argues that its rural-sector obligation under section 32B can be met without offering any crop cover, since crop insurance i…