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CS Professional · Banking and Insurance - Laws and Practice · Concept of Insurance

The Life Insurance Council wishes to delegate some of its powers to its Executive Committee. Which set of powers under Section 64R(1) may it authorise the Executive Committee to exercise?

The Council may authorise delegation of clauses (a), (b) and (c) of Section 64R(1): appointing officers and servants, determining how prescribed fees are collected, and keeping an up-to-date list of member insurers. Bye-law making under clause (d) is not covered by the delegation.

  1. AMaking bye-laws on elections, meetings and fees
  2. BAppointing officers and servants, determining the manner of collecting prescribed fees, and keeping the list of member insurersCorrect
  3. COnly appointing officers and servants
  4. DAll powers under clauses (a) to (d)

Explanation

Section 64R(2) allows authorising the Executive Committee to exercise powers under clauses (a), (b) and (c) of sub-section (1): appointing staff, determining fee collection manner, and maintaining the member list. Bye-law making under clause (d) is not included.

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