Skip to content

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

Suraksha General Insurance Ltd., a general insurer, wants guidance on setting standards of conduct and sound practice and on giving efficient service to its policyholders. Under Section 64L of the Insurance Act, 1938, which body is charged with aiding and advising insurers on these matters?

The Executive Committee of the General Insurance Council performs this function. Section 64L(1)(a) directs it to aid and advise insurers carrying on general insurance business on standards of conduct, sound practice and efficient service to holders of general insurance policies.

  1. AThe Executive Committee of the General Insurance CouncilCorrect
  2. BThe Executive Committee of the Life Insurance Council
  3. CThe Central Government through a Gazette notification
  4. DThe Secretary of the Life Insurance Council

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, so it is not the right body.

Did you get it right without looking?

One question tells you little. A timed set on Functions in Insurance and Compliance related thereto (Part IV) shows your real accuracy, how long you take and where you lose marks.

Practise Functions in Insurance and Compliance related thereto (Part IV)Free diagnostic mock

More Functions in Insurance and Compliance related thereto (Part IV) questions