CS Professional · Banking and Insurance - Laws and Practice · Functions in Insurance and Compliance related thereto (Part I)
Under section 64F, which of the following correctly describes the composition and chair of the Executive Committee of the General Insurance Council?
The Committee has four elected member representatives, one eminent person from outside insurance nominated by the Authority, and four nominated persons representing agents, third party administrators, surveyors and loss assessors, and policyholders. Under section 64F(2), the Chairperson is elected from the four elected representatives.
- AFour elected representatives of members, one eminent person nominated by the Authority, and four nominated persons representing agents, third party administrators, surveyors and loss assessors, and policyholders; the Chairperson is one of the elected representativesCorrect
- BFour elected representatives, with the Chairperson nominated by the Authority from the eminent persons
- COnly members elected by insurers, with the Chairperson elected from among any members
- DFour representatives nominated by the Authority and one elected by members, who becomes the Chairperson
Explanation
Section 64F(2) provides four elected member representatives, an eminent non-insurance person nominated by the Authority, and four nominated representatives of agents, TPAs, surveyors and loss assessors, and policyholders. The proviso says the Chairperson is elected from the clause (a) representatives.
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