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

The Executive Committee of the General Insurance Council is being constituted. Four members are elected by Council members, and the Authority nominates an eminent person with no connection to insurance business. How many persons must the Authority nominate to represent agents, third party administrators, surveyors and loss assessors, and policyholders?

Four persons. Under Section 64F(2)(c), the Authority nominates four persons to represent insurance agents, third party administrators, surveyors and loss assessors, and policyholders respectively. The figure of three applies to the Life Insurance Council's committee for agents, intermediaries and policyholders.

  1. AThree persons
  2. BFour personsCorrect
  3. CFive persons
  4. DTwo persons

Explanation

Section 64F(2)(c) provides for four persons representing insurance agents, third party administrators, surveyors and loss assessors, and policyholders respectively, nominated by the Authority. Three is the figure for the Life Council's agents, intermediaries and policyholders under 64F(1)(c), so it is wrong here.

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