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CS Professional · Banking and Insurance - Laws and Practice · Functions in Insurance and Compliance related thereto (Part III)

The Executive Committee of the General Insurance Council is being constituted. Which composition is correct under the Insurance Act, 1938?

Under section 64F(2), the General Insurance Council's Executive Committee has four elected representatives of members, one eminent person unconnected with insurance nominated by the Authority, and four Authority nominees representing agents, third party administrators, surveyors and loss assessors, and policyholders.

  1. AFour elected representatives of members, one eminent person unconnected with insurance nominated by the Authority, and four persons nominated by the Authority to represent insurance agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
  2. BFour elected members, one eminent person, and three persons representing agents, intermediaries and policyholders, plus one each from self-help groups and co-operative societies
  3. CEight elected members of the Council only
  4. DFour elected members and four persons nominated by the Central Government

Explanation

Section 64F(2) gives the General Insurance Council committee four elected members, one eminent person nominated by the Authority and four nominees representing agents, TPAs, surveyors and loss assessors, and policyholders. The second option describes the Life Insurance Council committee under section 64F(1), which is the key distractor.

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