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

The General Insurance Council passes a resolution waiving collection of the prescribed fees from general insurers for the year 2026-27, and the Authority approves the resolution. What is the effect under Section 64L?

Once the Authority approves the Council's resolution, the Executive Committee must not collect any fees for that year. The waiver is for the year specified, not for later years, and it requires the Authority's approval. Partial or selective collection is not contemplated by the proviso.

  1. AThe Executive Committee shall not collect any fees in relation to that yearCorrect
  2. BThe Executive Committee may still collect half the fees
  3. CThe Executive Committee may collect the fees only from insurers that request it
  4. DThe waiver applies to all later years until revoked

Explanation

The proviso to Section 64L(2) allows the Council to waive the fees for any year by resolution. Once the Authority approves it, the Executive Committee shall not collect fees for that year. Without approval the waiver would not take effect, and it covers only the year concerned.

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