CMA Final · Risk Management in Banking and Insurance · Insurance Intermediaries
Under Section 64F of the Insurance Act, 1938, the Executive Committee of the General Insurance Council includes four persons nominated by the Authority to represent which group?
The four nominees represent insurance agents, third party administrators, surveyors and loss assessors, and policyholders respectively. This is laid down in Section 64F(2)(c) of the Insurance Act, 1938 for the Executive Committee of the General Insurance Council. Self-help groups and co-operative societies feature in the Life Council committee instead.
- AInsurance agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
- BInsurance agents, banks, brokers and reinsurers
- CThird party administrators, actuaries, auditors and policyholders
- DSelf-help groups, Insurance Co-operative Societies, agents and brokers
Explanation
Section 64F(2)(c) says four persons nominated by the Authority represent insurance agents, third party administrators, surveyors and loss assessors and policyholders respectively. Self-help groups and co-operative societies appear in the Life Insurance Council committee under 64F(1)(d), so option D is wrong.
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