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

The Life Insurance Council's Executive Committee has to be constituted. A member suggests that one self-help group representative and one insurance co-operative society representative should be on it. Under section 64F, is this correct?

Yes. Section 64F(1)(d) provides that the Life Insurance Council's Executive Committee includes one representative each from self-help groups and Insurance Co-operative Societies. This is a statutory composition, not an optional bye-law matter, and the General Insurance Council's committee has no such category.

  1. AYes, clause (d) of sub-section (1) provides one representative each from self-help groups and Insurance Co-operative SocietiesCorrect
  2. BNo, such representatives sit only on the General Insurance Council committee
  3. CNo, only elected insurer members may sit on it
  4. DYes, but only if the Council's bye-laws so permit and the Authority approves each time

Explanation

Section 64F(1)(d) expressly includes one representative each from self-help groups and Insurance Co-operative Societies in the Life Insurance Council's Executive Committee. The General Insurance Council's list in sub-section (2) has no such category. The inclusion is statutory and not dependent on bye-laws.

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