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

The Life Insurance Council's Executive Committee is being constituted. The Authority wants to nominate representatives for the Committee's intermediary-related and community-based seats. Which description matches section 64F(1)?

Section 64F(1) provides that the Authority nominates three persons to represent agents, intermediaries and policyholders, and the Committee also has one representative each from self-help groups and Insurance Co-operative Societies, alongside four elected members and one eminent person.

  1. AThree persons representing agents, intermediaries and policyholders are nominated by the Authority, and one representative each from self-help groups and Insurance Co-operative Societies is includedCorrect
  2. BFour persons representing agents, third party administrators, surveyors and policyholders are nominated by the Authority
  3. CThree persons representing agents, brokers and surveyors are elected by the Council members
  4. DOnly elected insurer representatives sit, with no nominated persons

Explanation

Section 64F(1)(c) provides for three persons nominated by the Authority to represent insurance agents, intermediaries and policyholders, and clause (d) adds one representative each from self-help groups and Insurance Co-operative Societies. The option with four persons describes the General Insurance Council. Nominated persons are also part of the Life Council Committee, so the last option is wrong.

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