CMA Final · Risk Management in Banking and Insurance · Life Insurance
Under Section 64F of the Insurance Act, 1938, how is the Chairperson of the Executive Committee of the Life Insurance Council chosen?
The Chairperson is elected from among the four insurer representatives who were elected by the Council's members. Section 64F(1) proviso requires one of the clause (a) representatives to be elected as Chairperson, so the post is not filled by Authority nomination or by the Secretary.
- ANominated by the Authority from among the policyholder representatives
- BOne of the four elected insurer representatives is elected as ChairpersonCorrect
- CAppointed by the Secretary of the Executive Committee
- DChosen from the self-help group and co-operative society representatives
Explanation
The proviso to Section 64F(1) says one of the representatives under clause (a), the four elected by members, shall be elected Chairperson. The Authority nominates other members but does not nominate the Chairperson. The Secretary is appointed by the Committee, not the reverse.
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