CS Professional · Banking and Insurance - Laws and Practice · General and Health Insurance
Suraksha Health General Insurance Ltd, a standalone health insurer, carries on only health insurance business in India. Which statement about the General Insurance Council under the Insurance Act, 1938 is correct for it?
The General Insurance Council is the representative body of insurers carrying on general, health insurance business and re-insurance in India, so a standalone health insurer is represented by it. The Life Insurance Council represents only life insurers.
- AThe General Insurance Council represents insurers carrying on general, health insurance business and re-insurance in IndiaCorrect
- BThe General Insurance Council represents only insurers carrying on motor insurance
- CStandalone health insurers fall under the Life Insurance Council
- DHealth insurers are not represented by any Council
Explanation
Section 64C deems the existing General Insurance Council to be a representative body of insurers who carry on general, health insurance business and re-insurance. A standalone health insurer therefore falls within it. The Life Insurance Council represents life insurers only.
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