CS Professional · Banking and Insurance - Laws and Practice · Functions in Insurance and Compliance related thereto (Part II)
Bharat Mutual Life Ltd carries on life insurance business in India. Which body is deemed under the Insurance Act, 1938 to represent insurers carrying on life insurance business, and which body represents insurers carrying on general, health insurance and re-insurance business?
The Life Insurance Council represents insurers carrying on life insurance business, while the General Insurance Council represents insurers carrying on general, health insurance and re-insurance business. Both are deemed constituted as the respective Councils under the Act.
- ALife Insurance Council and General Insurance Council respectivelyCorrect
- BInsurance Advisory Committee for both
- CGeneral Insurance Council for life, and Life Insurance Council for re-insurance
- DExecutive Committee of the Authority for both
Explanation
Section 64C deems the existing Life Insurance Council, a representative body of life insurers, and the existing General Insurance Council, a representative body of insurers carrying on general, health insurance and re-insurance, to be constituted as the respective Councils. Option 3 swaps the roles, which is wrong.
Did you get it right without looking?
One question tells you little. A timed set on Functions in Insurance and Compliance related thereto (Part II) shows your real accuracy, how long you take and where you lose marks.
More Functions in Insurance and Compliance related thereto (Part II) questions
- Anil assigned his policy to Bhavna conditionally: proceeds go to his nominee if Bhavna dies before him. Bhavna, after notice was delivered, …
- Suraksha General Insurance Ltd, which writes motor and health cover, is a member of the General Insurance Council. Its Chief Financial Offic…
- Which of the following is a function of the Executive Committee of the General Insurance Council under the Insurance Act, 1938?
- The Executive Committee of the General Insurance Council observes that Nirmaan General Insurance Ltd has repeatedly delayed claim settlement…
- Under the Insurance Act, 1938, who appoints the Secretary of the Executive Committee of the Life Insurance Council, and what powers does the…
- An insurer believes that a proposed assignment of Neha Gupta's policy is meant only for trading in the policy. It decides to decline to act …