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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 under Section 64F(2). Which of the following correctly describes part of its composition?

Four persons nominated by the Authority represent insurance agents, third party administrators, surveyors and loss assessors, and policyholders. This is part of the General Insurance Council's Executive Committee under Section 64F(2). The self-help group and co-operative society seats belong to the Life Insurance Council's committee.

  1. AFour persons nominated by the Authority to represent insurance agents, third party administrators, surveyors and loss assessors, and policyholders respectivelyCorrect
  2. BThree persons representing agents, intermediaries and policyholders, plus one each from self-help groups and co-operative societies
  3. CSix representatives of members elected by the members, with no nominees from the Authority
  4. DTwo eminent persons connected with insurance business nominated by the Central Government

Explanation

Under Section 64F(2), the General Insurance Council's Executive Committee has four elected member representatives, one eminent person not connected with insurance business nominated by the Authority, and four Authority-nominated persons representing agents, third party administrators, surveyors and loss assessors, and policyholders. The three-persons-plus-self-help-groups pattern belongs to the Life Insurance Council under Section 64F(1).

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