CMA Final · Risk Management in Banking and Insurance · Life Insurance
Under Section 64R of the Insurance Act, 1938 as provided, which of the following can the Life Insurance Council do through bye-laws?
The Council may make bye-laws on the summoning and holding of meetings, the conduct of business at them and the quorum. Section 64R(1)(d)(ii) confers this power; it does not extend to appointing the Authority's head, cancelling registrations or fixing tariffs.
- AAppoint the Chairperson of the Authority
- BProvide for the summoning and holding of meetings, the conduct of business and the quorumCorrect
- CCancel the registration of an insurer
- DFix the tariffs for life insurance products
Explanation
Section 64R(1)(d)(ii) lets the Council make bye-laws on summoning and holding meetings, conduct of business and the number of persons forming a quorum. The text gives it no power over the Authority's Chairperson, insurer registration or tariffs.
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