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

Under the Insurance Act, 1938, which of the following is a stated function of the Executive Committee of the General Insurance Council?

The Executive Committee of the General Insurance Council aids and advises general insurers on standards of conduct, sound practice and efficient service to policyholders. The Act does not give it power to fix premium rates, register insurers or settle individual claims.

  1. ATo fix the premium rates for every class of general insurance policy
  2. BTo aid and advise general insurers on standards of conduct and sound practice and on efficient service to policyholdersCorrect
  3. CTo grant and cancel certificates of registration of insurers
  4. DTo settle individual policyholder claims on behalf of insurers

Explanation

Section 64L(1)(a) says the Executive Committee aids and advises general insurers on standards of conduct and sound practice and on rendering efficient service to policyholders. Rate fixing, registration and claim settlement are not listed among its functions.

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