CMA Final · Risk Management in Banking and Insurance · General Insurance
As per the Insurance Act, 1938, which statement about the composition of the Executive Committee of the General Insurance Council is correct?
The General Insurance Council's Executive Committee has four elected member representatives, one eminent person unconnected with insurance nominated by the Authority, and four Authority nominees representing agents, third party administrators, surveyors and loss assessors, and policyholders. The Chairperson is chosen from the elected representatives.
- AIt has four elected representatives of members, one eminent person not connected with insurance business nominated by the Authority, and four persons nominated by the Authority to represent agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
- BIt consists only of representatives elected by the members, with no nominees
- CIt has three persons representing agents, intermediaries and policyholders, and one each from self-help groups and cooperative societies
- DIts Chairperson is nominated by the Authority from outside the Council
Explanation
Section 64F(2) prescribes four elected members, one eminent outsider nominated by the Authority, and four nominated representatives of agents, TPAs, surveyors/loss assessors and policyholders. Option C describes the Life Insurance Council committee. The Chairperson is one of the elected representatives.
Did you get it right without looking?
One question tells you little. A timed set on General Insurance shows your real accuracy, how long you take and where you lose marks.
More General Insurance questions
- Under the Insurance Act, 1938, the General Insurance Council resolves to waive collection of the prescribed fees for a year, and the Authori…
- Under the Insurance Act, 1938, which of the following is a statutory function of the Executive Committee of the General Insurance Council?
- Under the Insurance Act, 1938, what must every insurer transacting insurance business in India do regarding expenses of management?
- Under the Insurance Act, 1938, the Executive Committee of the General Insurance Council is required to render advice to the Authority on whi…
- As per the Insurance Act, 1938, the Executive Committee of the General Insurance Council consists of four elected representatives of Council…
- Under the Insurance Act, 1938, what must every insurer transacting insurance business in India furnish to the Authority regarding expenses o…