CMA Final · Risk Management in Banking and Insurance · Life Insurance
As per Section 64F of the Insurance Act, 1938, the Executive Committee of the Life Insurance Council includes which combination of members?
The Life Insurance Council's Executive Committee has four elected member representatives, one eminent person not connected with insurance nominated by the Authority, three nominees for agents, intermediaries and policyholders, plus one representative each from self-help groups and Insurance Co-operative Societies. The version with surveyors and third party administrators belongs to the General Insurance Council.
- AFour elected representatives of members, one eminent person unconnected with insurance business nominated by the Authority, three persons representing agents, intermediaries and policyholders, and one representative each from self-help groups and Insurance Co-operative SocietiesCorrect
- BFour elected representatives of members, one eminent person, and four persons representing agents, third party administrators, surveyors and policyholders
- CThree elected representatives of members and three persons nominated by the Authority only
- DOnly elected representatives of members, with the Authority having no nomination power
Explanation
Section 64F(1) lists four elected members, one eminent outsider nominated by the Authority, three nominees for agents, intermediaries and policyholders, and one each from self-help groups and Insurance Co-operative Societies. The second option describes the General Insurance Council's committee under 64F(2), so it is wrong for life.
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