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CS Professional · Banking and Insurance - Laws and Practice · Functions in Insurance and Compliance related thereto (Part IV)

Bharat General Insurance Ltd, a general insurer, wants guidance on setting up standards of conduct and sound practice and on giving efficient service to its policyholders. Under Section 64L, which body is empowered to aid and advise it on these matters?

The Executive Committee of the General Insurance Council aids and advises general insurers on standards of conduct, sound practice and efficient service to policyholders, as Section 64L(1)(a) provides. The Life Insurance Council's committee serves life insurers, and the Tariff Committee no longer exists as an authority.

  1. AExecutive Committee of the Life Insurance Council
  2. BExecutive Committee of the General Insurance CouncilCorrect
  3. CTariff Committee of the General Insurance Council
  4. DExecutive Committee of the Life Insurance Council acting jointly with the Authority

Explanation

Section 64L(1)(a) makes it a function of the Executive Committee of the General Insurance Council to aid and advise general insurers on standards of conduct, sound practice and efficient service to policyholders. The Life Insurance Council's committee deals with life insurers. The Tariff Committee was omitted from the Council's authorities under Section 64E.

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