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

Under the Insurance Act, 1938, how is the Chairperson of the Executive Committee of the General Insurance Council determined?

The Chairperson of the General Insurance Council's Executive Committee is elected from among the four representatives of Council members who were elected in their individual capacity. Authority nominees, the Government and the Secretary do not choose or become the Chairperson under the Act.

  1. ANominated by the Authority from the eminent person not connected with insurance
  2. BAppointed by the Central Government from among policyholder representatives
  3. CElected from among the four representatives of Council members elected in their individual capacityCorrect
  4. DAppointed by the Secretary of the Executive Committee

Explanation

The proviso to the composition provision states that one of the four elected representatives of Council members shall be elected as Chairperson. The Authority-nominated members and the Secretary have no such role.

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