CS Professional · Banking and Insurance - Laws and Practice · Functions in Insurance and Compliance related thereto (Part IV)
The Executive Committee of the General Insurance Council is being constituted. Which of the following compositions is consistent with section 64F of the Insurance Act, 1938?
The General Insurance Council's Executive Committee has four elected insurer representatives, one eminent person unconnected with insurance nominated by the Authority, and four nominees for agents, third party administrators, surveyors and loss assessors, and policyholders. The option listing self-help groups and cooperatives describes the Life committee.
- ASix elected insurer representatives and no nominees of the Authority
- BFour elected insurer representatives, one eminent person unconnected with insurance nominated by the Authority, and four nominated persons representing agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
- CFour elected insurer representatives, and three persons nominated to represent agents, intermediaries and policyholders, plus one representative each from self-help groups and cooperative societies
- DTwo elected insurer representatives and an eminent person elected by insurers
Explanation
Section 64F(2) provides four elected representatives of members, one eminent person unconnected with insurance nominated by the Authority, and four nominated persons representing agents, third party administrators, surveyors and loss assessors, and policyholders. The third option describes the Life Insurance Council committee under section 64F(1). The Chairperson is elected from among the four elected representatives.
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