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 selected?
The Chairperson of the Life Insurance Council's Executive Committee is elected from among the four representatives of members who were themselves elected by the members. The eminent person, the policyholder nominee and the Secretary are not chosen as Chairperson under the proviso to the Act's committee composition provision.
- AOne of the four elected representatives of members is elected as ChairpersonCorrect
- BThe eminent person nominated by the Authority is automatically the Chairperson
- CThe Secretary of the Executive Committee serves as Chairperson
- DThe Authority appoints any policyholder representative as Chairperson
Explanation
The proviso to Section 64F(1) says one of the representatives under clause (a), the four elected by members, shall be elected as Chairperson. The eminent person and policyholder nominee are not eligible by this route, and the Secretary is appointed by the Committee under 64F(6) as a separate office.
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