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

Under the Insurance Act, 1938, the Executive Committee of the General Insurance Council consists of four elected representatives of members, an eminent person unconnected with insurance business, and four other persons. Which set describes those four other persons, who are nominated by the Authority?

The four persons nominated by the Authority represent insurance agents, third party administrators, surveyors and loss assessors, and policyholders. Self-help group and co-operative society representatives sit on the Life Insurance Council's Executive Committee, not the General Insurance Council's.

  1. ARepresentatives of insurance agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
  2. BRepresentatives of banks, mutual funds, brokers and auditors
  3. CRepresentatives of self-help groups, co-operative societies, actuaries and agents
  4. DRepresentatives of the Central Government, the RBI, SEBI and the Authority

Explanation

For the General Insurance Council's Executive Committee, the Authority nominates four persons representing insurance agents, third party administrators, surveyors and loss assessors, and policyholders. Self-help group and co-operative society representatives appear only on the Life Insurance Council's Committee, which makes the third option wrong.

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