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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 wishes to act in a matter that is incidental or ancillary to its functions in Section 64L(1)(a) to (c). What must happen before it can act under clause (d)?

The ancillary matter must be notified by the General Insurance Council in the Gazette of India with the approval of the Authority. Section 64L(1)(d) allows the Executive Committee to act on such incidental matters only on that basis, not by an internal resolution alone.

  1. AThe matter must be notified by the General Insurance Council in the Gazette of India with the Authority's approvalCorrect
  2. BThe Executive Committee may simply pass a resolution without any notification
  3. CThe Life Insurance Council must give consent
  4. DThe Secretary alone may notify it in the Gazette

Explanation

Under Section 64L(1)(d), incidental or ancillary matters become functions only if, with the approval of the Authority, they are notified by the General Insurance Council in the Gazette of India. A mere internal resolution or the Life Insurance Council's consent is not the statutory requirement.

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