CMA Final · Risk Management in Banking and Insurance · General Insurance
As per the composition of the Executive Committee of the General Insurance Council under the Insurance Act, 1938, which statement is correct?
The General Insurance Council's Executive Committee has four elected members' representatives, one eminent outsider nominated by the Authority, and four Authority nominees representing agents, third party administrators, surveyors and loss assessors, and policyholders. Its Chairperson is elected from the four elected representatives, and self-help group representatives belong to the Life committee.
- AIt has four elected representatives of Council members, one eminent person unconnected with insurance business nominated by the Authority, and four nominated persons representing agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
- BIt consists only of representatives elected by the members of the General Insurance Council, with no nominee of the Authority
- CIts Chairperson is nominated by the Authority from among persons not connected with insurance business
- DIt includes one representative each from self-help groups and Insurance Co-operative Societies
Explanation
Section 64F(2) provides four elected representatives of Council members, an eminent person unconnected with insurance nominated by the Authority, and four nominees representing agents, third party administrators, surveyors and loss assessors, and policyholders. The Chairperson is elected from among the four elected representatives. Self-help group and co-operative society representatives belong to the Life Insurance Council's committee, not the General one.
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