CMA Final · Risk Management in Banking and Insurance · Life Insurance
Under Section 64R of the Insurance Act, 1938, which of the following can the Life Insurance Council do by making bye-laws?
The Life Insurance Council may make bye-laws on summoning and holding meetings, conducting business and fixing the quorum. Section 64R(1)(d)(ii) lists this among its powers, along with elections, fee levy and information submission, but not premium fixing or registration cancellation.
- AFix the premium rates of member insurers
- BProvide for the summoning and holding of meetings and the quorum requiredCorrect
- CCancel the registration of a member insurer
- DAppoint the Chairperson of the Authority
Explanation
Section 64R(1)(d)(ii) lets the Council make bye-laws on summoning and holding meetings, conduct of business and quorum. Pricing, cancellation of registration and appointment of the Authority's head are not listed powers.
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