CMA Final · Risk Management in Banking and Insurance · Life Insurance
Under the Insurance Act, 1938, who is nominated by the Authority to the Executive Committee of the Life Insurance Council as a person not connected with insurance business?
An eminent person is nominated by the Authority to the Executive Committee of the Life Insurance Council. Section 64F(1)(b) requires this person to be unconnected with insurance business, which keeps an independent voice on the committee alongside elected insurer representatives and other nominees.
- AAn eminent personCorrect
- BA retired actuary of an insurer
- CA representative of a reinsurer
- DA nominee of the Central Government
Explanation
Section 64F(1)(b) provides that the Executive Committee of the Life Insurance Council includes an eminent person not connected with insurance business, nominated by the Authority. The other options are not described in that clause.
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