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

Under the Insurance Act, 1938, who appoints the Secretary of the Executive Committee of the Life Insurance Council, and what powers does the Secretary have?

The Secretary is appointed by the Executive Committee concerned, and exercises only those powers and acts that the Executive Committee authorises. Neither the Authority nor the Central Government appoints the Secretary under section 64F.

  1. AThe Authority appoints; the Secretary has all powers of the Chairperson
  2. BThe Central Government appoints; the Secretary has fixed statutory powers
  3. CThe Executive Committee concerned appoints; the Secretary exercises powers as authorised by that CommitteeCorrect
  4. DThe Life Insurance Council members elect; the Secretary has no powers

Explanation

Section 64F(6) provides that the Secretary is appointed by the Executive Committee concerned and exercises such powers and does such acts as are authorised by that Committee. The Authority and Central Government have no appointing role here.

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