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

The Central Government is appointing a Controller of Insurance after the Authority's supersession. Candidate Mr. Rao is an actuary with experience in insurance matters. Which statement about the considerations under section 2B(2) of the Insurance Act, 1938 is correct?

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. No other qualification, such as a CA degree or insurer consent, is prescribed by section 2B(2).

  1. AOnly a serving judge of a High Court may be appointed
  2. BThe Government must have due regard to experience in industrial, commercial or insurance matters and to whether the person has actuarial qualificationsCorrect
  3. CThe person must hold a chartered accountancy qualification
  4. DThe appointment requires prior consent of all insurers

Explanation

Section 2B(2) requires the Central Government to have due regard to whether the person has had experience in industrial, commercial or insurance matters and whether the person has actuarial qualifications. No judicial, CA or insurer-consent requirement is stated.

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