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

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 of the following sets correctly names those groups?

The four Authority-nominated representatives 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) of the Insurance Act, 1938 provides.

  1. AInsurance agents, third party administrators, surveyors and loss assessors, and policyholdersCorrect
  2. BInsurance agents, brokers, banks and policyholders
  3. CSurveyors, reinsurers, auditors and policyholders
  4. DThird party administrators, actuaries, brokers and self-help groups

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. Brokers, banks, actuaries and self-help groups are not in this list. Self-help groups appear only in the Life Insurance Council committee.

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