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

The Authority is superseded under section 19(1) of the IRDA Act, 1999. The Central Government wishes to appoint a Controller of Insurance under the Insurance Act, 1938. For how long can the appointee hold the office as per the official text?

The Controller of Insurance serves only until the Authority is reconstituted under section 19(3) of the IRDA Act, 1999. The appointment is made by Central Government notification after supersession of the Authority and is temporary, not for a fixed term or permanent.

  1. AFor a fixed term of five years from the date of notification
  2. BUntil the Authority is reconstituted under section 19(3) of the IRDA Act, 1999Correct
  3. CUntil the next annual budget is presented in Parliament
  4. DPermanently, replacing the Authority

Explanation

Section 2B(1) lets the Central Government appoint a Controller of Insurance by notification if the Authority is superseded. The appointment lasts only till the Authority is reconstituted under section 19(3) of the IRDA Act. It is a temporary arrangement, not a fixed term or a permanent replacement.

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