CMA Final · Risk Management in Banking and Insurance · Insurance Intermediaries
Consider the Executive Committee of the General Insurance Council under Section 64F of the Insurance Act, 1938. Which statement is correct?
The General Insurance Council's Executive Committee has four representatives elected by Council members, one eminent outsider nominated by the Authority, and four Authority nominees representing agents, third party administrators, surveyors and loss assessors, and policyholders. The Chairperson comes from the elected four, and the Committee appoints its Secretary.
- AIt has four members elected by Council members, one eminent outsider, and four persons nominated by the Authority to represent agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
- BIt consists solely of four insurer representatives, with no nominees of the Authority
- CIts Chairperson is nominated by the Authority from among the surveyors
- DIts Secretary is appointed by the Authority, which also fixes his powers
Explanation
Section 64F(2) lists four elected representatives of members, an eminent person unconnected with insurance nominated by the Authority, and four persons nominated by the Authority to represent agents, third party administrators, surveyors and loss assessors, and policyholders. The Chairperson is elected from the four elected representatives, and the Secretary is appointed by the Committee itself.
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