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CMA Final · Risk Management in Banking and Insurance · General Insurance

As per the Insurance Act, 1938, the Executive Committee of the General Insurance Council consists of four elected representatives of Council members, an eminent person unconnected with insurance business nominated by the Authority, and four persons nominated by the Authority to represent which groups?

The four Authority-nominated members of the General Insurance Council's Executive Committee represent insurance agents, third party administrators, surveyors and loss assessors, and policyholders. The self-help group and co-operative society seats belong to the Life Insurance Council's Executive Committee instead.

  1. AInsurance agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
  2. BBanks, brokers, actuaries and auditors
  3. CSelf-help groups, Insurance Co-operative Societies, agents and intermediaries
  4. DReinsurers, rating agencies, banks and policyholders

Explanation

Under the Act, the four Authority-nominated representatives stand for insurance agents, third party administrators, surveyors and loss assessors, and policyholders. Self-help groups and co-operative societies appear in the Life Insurance Council's committee, not the General one.

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