Skip to content

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

Under the Insurance Act, 1938, the Executive Committee of the Life Insurance Council includes four representatives of members elected in their individual capacity. Who is chosen as the Chairperson of that Executive Committee?

The Chairperson of the Life Insurance Council's Executive Committee is one of the four representatives of members elected in their individual capacity. The Act provides that one of these elected representatives shall be elected Chairperson, not a nominee of the Authority or the Secretary.

  1. AThe eminent person not connected with insurance business, nominated by the Authority
  2. BOne of the four elected representatives of membersCorrect
  3. CThe representative of the insurance agents nominated by the Authority
  4. DThe Secretary appointed by the Executive Committee

Explanation

The proviso to Section 64F(1) says one of the representatives under clause (a), the four elected by members, shall be elected as Chairperson. The nominated eminent person and the nominated representatives are not eligible under this proviso. The Secretary is a separate appointee under sub-section (6).

Did you get it right without looking?

One question tells you little. A timed set on Life Insurance shows your real accuracy, how long you take and where you lose marks.

Practise Life InsuranceFree diagnostic mock

More Life Insurance questions