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

Which of the following is a function of the Executive Committee of the General Insurance Council under the Insurance Act, 1938?

The Executive Committee advises the Authority on controlling general insurers' commission and other expenses. This is a listed function under section 64L(1)(b). Registering insurers, appointing the Authority's Chairperson and settling individual claims are not among its functions.

  1. AAuthorising registration of new general insurers
  2. BRendering advice to the Authority on controlling insurers' commission and other expensesCorrect
  3. CAppointing the Chairperson of the Authority
  4. DSettling individual policyholder claims against insurers

Explanation

Section 64L(1)(b) says the Committee renders advice to the Authority in controlling expenses of such insurers in the matter of commission and other expenses. Registration, appointment of the Authority's Chairperson and settling individual claims are not listed functions.

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