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CMA Final · Risk Management in Banking and Insurance · Life Insurance

Under Section 64F of the Insurance Act, 1938 as provided, the Life Insurance Council's Executive Committee fails to get one of its members elected by the body entitled to elect. What does the Act provide?

The Authority may nominate any person to fill the vacancy, and that nominee is deemed to be a member of the Executive Committee as if duly elected. The Act does not allow the Chairperson to co-opt anyone or require dissolution of the committee.

  1. AThe Authority may nominate a person to fill the vacancy, who is deemed to be duly electedCorrect
  2. BThe Chairperson may co-opt a person of his choice
  3. CThe vacancy remains until the next election under the bye-laws
  4. DThe Life Insurance Council must dissolve the Executive Committee

Explanation

Section 64F(3) states that if a body fails to elect any member, the Authority may nominate any person to fill the vacancy, and that person is deemed a member as if duly elected. The Act gives no co-option power to the Chairperson and no dissolution requirement.

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