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

The Executive Committee of the General Insurance Council wishes to help member insurers raise the quality of claim settlement and customer service to policyholders. Which statutory function covers this activity?

The function is to aid and advise general insurers on standards of conduct, sound practice and efficient service to policyholders, as provided in section 64L(1)(a). The Committee advises on expense limits but does not fix them, and it nominates neither the eminent person nor the Authority's head.

  1. AFixing the limits of expenses of management under section 40C
  2. BAiding and advising insurers on standards of conduct, sound practice and efficient service to policyholdersCorrect
  3. CNominating the eminent person to its own committee
  4. DAppointing the Chairperson of the Authority

Explanation

Section 64L(1)(a) makes it a function to aid and advise general insurers in setting up standards of conduct and sound practice and in rendering efficient service to policyholders. Fixing expense limits is done by the Authority, with the Committee only advising.

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