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

The Central Government proposes to appoint a Controller of Insurance during a period of 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 proposed Controller has experience in industrial, commercial or insurance matters and whether the person has actuarial qualifications. Other criteria, such as RBI service or being a Company Secretary, are not prescribed by the Act.

  1. AWhether the person has experience in industrial, commercial or insurance matters and has actuarial qualificationsCorrect
  2. BWhether the person has served as a Governor of the Reserve Bank of India
  3. CWhether the person is a practising Company Secretary with ten years' standing
  4. DWhether the person has been a director of a public sector insurer

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 criteria are not stated in the Act.

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