CMA Final · Risk Management in Banking and Insurance · Insurance Intermediaries
Under Section 25 of the IRDA Act, 1999, the Insurance Advisory Committee, which includes representatives of agents and intermediaries, has as its stated object to:
The Insurance Advisory Committee established under Section 25 of the IRDA Act exists to advise the Authority on matters relating to the making of regulations under section 26. It may advise on other prescribed matters, but it does not register insurers, adjudicate disputes or levy penalties.
- AAdvise the Authority on matters relating to the making of regulations under section 26Correct
- BAdjudicate disputes between insurers and intermediaries
- CIssue and cancel certificates of registration of insurers
- DLevy penalties on agents under the Insurance Act
Explanation
Section 25(4) states that the object of the Committee is to advise the Authority on matters relating to the making of regulations under section 26. Registration and adjudication of disputes are powers of the Authority itself under Section 14, and the Committee only advises.
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