CMA Final · Risk Management in Banking and Insurance · Concept and Types of Health Insurance Policies
Under the Insurance Act, 1938 as amended in 2015, which representative body is deemed constituted to represent insurers that carry on general, health insurance business and re-insurance in India?
The General Insurance Council is the correct body. Section 64C of the Insurance Act, 1938 deems it constituted as the representative body of insurers carrying on general, health insurance and re-insurance business, whereas the Life Insurance Council represents only life insurers.
- AThe Life Insurance Council
- BThe General Insurance CouncilCorrect
- CThe Executive Committee of the Life Insurance Council
- DThe Insurance Information Bureau
Explanation
Section 64C deems the existing General Insurance Council to be a representative body of insurers carrying on general, health insurance business and re-insurance. The Life Insurance Council represents only insurers carrying on life insurance business, so it is wrong for health insurers.
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