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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 reproduced), one function of the Executive Committee of the General Insurance Council, whose members include health insurers, is to:

The Executive Committee of the General Insurance Council advises the Authority on controlling insurers' expenses, particularly commission and other expenses. It also sets standards of conduct and sound practice and reports prejudicial insurers, but it does not fix premiums, hear claim appeals or register insurers.

  1. AFix the premium rates of all health insurance policies
  2. BSettle individual health claim disputes as an appellate body
  3. CRender advice to the Authority on controlling insurers' expenses in the matter of commission and other expensesCorrect
  4. DGrant registration to new general insurers

Explanation

Section 64L(1)(b) says the Executive Committee renders advice to the Authority on controlling expenses of such insurers in respect of commission and other expenses. Premium fixing, claim appeals and registration are not listed functions.

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