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CMA Final · Risk Management in Banking and Insurance · General Insurance

Under the Insurance Act, 1938, a body of persons entitled to elect a member of the General Insurance Council's Executive Committee fails to do so. What does the Act provide?

The Authority may nominate any person to fill the vacancy. That nominee is deemed to be a member of the Executive Committee as if duly elected. The seat does not stay vacant, and the Council or Central Government has no role in filling it under this provision.

  1. AThe seat stays vacant until the next annual election
  2. BThe General Insurance Council itself must elect a member from among its own members
  3. CThe Authority may nominate any person to fill the vacancy, and that person is deemed duly electedCorrect
  4. DThe Central Government must notify a replacement in the Gazette

Explanation

The Act says that if a body fails to elect any member, the Authority may nominate any person to fill the vacancy. The nominee is deemed a member as if duly elected. The Council and the Central Government have no such role under this provision.

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