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

Under the Insurance Act, 1938 as reproduced, which body is deemed to be constituted as the representative body of insurers carrying on life insurance business in India?

The Life Insurance Council is the body deemed constituted under the Act as the representative body of insurers carrying on life insurance business in India. The General Insurance Council instead represents general, health insurance and re-insurance insurers, so it is the wrong body for life insurers.

  1. AThe Life Insurance CouncilCorrect
  2. BThe General Insurance Council
  3. CThe Executive Committee of the General Insurance Council
  4. DThe Tariff Committee

Explanation

Section 64C(a) deems the existing Life Insurance Council, a representative body of insurers carrying on life insurance business in India, to be constituted under the Act. The General Insurance Council represents general, health and re-insurance insurers, so it is not the answer. The Tariff Committee was removed from the Act's provisions.

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