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CMA Final · Risk Management in Banking and Insurance · Concept and Types of Health Insurance Policies

Under Section 64L of the Insurance Act, 1938 (as in the given text), which function belongs to the Executive Committee of the General Insurance Council?

The Executive Committee of the General Insurance Council advises the Authority on controlling insurers' commission and other expenses. It also aids insurers on standards of conduct and sound practice, but it does not issue policies, fix premiums or adjudicate claims.

  1. AIssuing health policies directly to the public
  2. BRendering advice to the Authority on controlling insurers' commission and other expensesCorrect
  3. CFixing premium rates for all health policies
  4. DAdjudicating individual claim disputes of policyholders

Explanation

Section 64L(1)(b) says the Committee renders advice to the Authority on controlling insurers' expenses of commission and other expenses. The text gives it no power to issue policies, fix rates or adjudicate claims.

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