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

The General Insurance Council wants its Executive Committee to help member insurers improve claim-settlement turnaround and follow sound market practice. Which function of the Executive Committee does this fall under?

It falls under the function of aiding and advising general insurers on setting standards of conduct and sound practice and on rendering efficient service to policyholders. Section 64L(1)(a) assigns this to the Executive Committee of the General Insurance Council.

  1. AAdvising the Authority on the commission payable by life insurers
  2. BAiding and advising general insurers on standards of conduct, sound practice and efficient service to policyholdersCorrect
  3. CFixing the premium rates for all general insurance policies
  4. DAppointing the Chairperson of the Authority

Explanation

Section 64L(1)(a) empowers the Executive Committee to aid and advise general insurers on standards of conduct, sound practice and efficient service to policyholders. Life insurers fall under a different Council, and premium rate fixing or appointing the Authority's head are not its functions.

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