CMA Final · Risk Management in Banking and Insurance · Life Insurance
Under the Insurance Act, 1938, as set out in the provided text, which body is described as the representative body of insurers who carry on life insurance business in India?
The Life Insurance Council is the representative body of insurers who carry on life insurance business in India. Section 64C(a) deems the existing Council to be constituted under the Act. The General Insurance Council instead represents general, health and re-insurance business.
- AThe General Insurance Council
- BThe Life Insurance CouncilCorrect
- CThe Executive Committee of the General Insurance Council
- 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 as a Council under the Act. The General Insurance Council represents insurers in general, health insurance and re-insurance business, so it is the wrong body.
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More Life Insurance questions
- Under Section 64R of the Insurance Act, 1938, which of the following can the Life Insurance Council do by making bye-laws?
- Under the Insurance Act, 1938 as reproduced, which body is deemed to be constituted as the representative body of insurers carrying on life …
- Under Section 64R of the Insurance Act, 1938 as provided, which of the following can the Life Insurance Council do through bye-laws?
- Under Section 64F of the Insurance Act, 1938, how is the Chairperson of the Executive Committee of the Life Insurance Council chosen?
- Under Section 64F of the Insurance Act, 1938, how is the Chairperson of the Executive Committee of the Life Insurance Council selected?
- Under Section 56 of the Insurance Act, 1938, in the winding up of an insurer, how are life insurance assets treated?