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CS Professional · Banking and Insurance - Laws and Practice · Functions in Insurance and Compliance related thereto (Part V)

Under the Insurance Act, 1938, the Executive Committee of the General Insurance Council includes four persons nominated by the Authority to represent particular groups. Which set of groups do they represent?

The four nominees of the Authority on the General Insurance Council's Executive Committee represent insurance agents, third party administrators, surveyors and loss assessors, and policyholders, as section 64F(2)(c) prescribes. Self-help groups and co-operative societies belong to the Life Insurance Council committee instead.

  1. AInsurance agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
  2. BInsurance agents, banks, brokers and shareholders
  3. CSelf-help groups, insurance co-operative societies, agents and policyholders
  4. DReinsurers, actuaries, auditors and policyholders

Explanation

Section 64F(2)(c) provides that four persons are nominated by the Authority to represent insurance agents, third party administrators, surveyors and loss assessors, and policyholders. Self-help groups and co-operative societies feature in the Life Insurance Council committee under sub-section (1)(d), so that option is wrong here.

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