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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 needs statements from member insurers to monitor compliance, and the Council wants copies also to go to the Authority. Under section 64R of the Insurance Act, 1938, how is this achieved?

The Council makes bye-laws under section 64R requiring insurers to submit the statements or information the Executive Committee requires, along with copies to the Authority. This power rests with the Council itself, not the Central Government, auditors or the Life Insurance Council.

  1. ABy bye-laws made by the Council for submission by insurers of such statements or information, with copies to the AuthorityCorrect
  2. BBy a notification of the Central Government for each statement
  3. CBy a direction of the insurer's statutory auditor
  4. DBy a regulation framed only by the Life Insurance Council

Explanation

Section 64R(1)(d)(iii) empowers the Council to make bye-laws for the submission by insurers to the Executive Committee of such statements or information as may be required, and for copies to be submitted to the Authority. Auditors and the Central Government have no role here, and the Life Insurance Council covers life insurers.

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