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CS Professional · Banking and Insurance - Laws and Practice · Concept of Insurance

Meridian General Insurance Ltd., a general insurer, wants to know who acts as the 'authority' through which the General Insurance Council functions under the Insurance Act, 1938. Which body does the Act specify as the authority of the Life Insurance Council and the General Insurance Council?

The authority of each Council is its Executive Committee. Section 64E provides that the Executive Committee, constituted as provided in that Part of the Insurance Act, 1938, is the authority of both the Life Insurance Council and the General Insurance Council.

  1. AThe Executive Committee constituted under the relevant Part of the ActCorrect
  2. BThe Board of Directors of the largest member insurer
  3. CThe Central Government through a notified officer
  4. DThe Insurance Ombudsman for the region

Explanation

Section 64E states that the authorities of the Life Insurance Council and the General Insurance Council shall be the Executive Committee constituted in the manner provided in the Part. The other bodies named have no such role under this section.

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