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CS Professional · Banking and Insurance - Laws and Practice · Regulatory Framework in Insurance

The Central Government intends to appoint a Controller of Insurance after the supersession of the Authority. Which consideration must it have due regard to under the Insurance Act, 1938?

The Central Government must have due regard to whether the person has experience in industrial, commercial or insurance matters and whether the person has actuarial qualifications. These are the considerations listed in section 2B(2); legal practice or political office is not required.

  1. AWhether the candidate has been a member of the Parliament's finance committee
  2. BWhether the person has experience in industrial, commercial or insurance matters and has actuarial qualificationsCorrect
  3. CWhether the person holds a law degree and ten years of practice as an advocate
  4. DWhether the person has served as a Governor of a State

Explanation

Section 2B(2) requires due regard to whether the person has experience in industrial, commercial or insurance matters and whether the person has actuarial qualifications. The other options are not statutory considerations.

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