Skip to content

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

Which of the following is a function of the Insurance Advisory Committee established under Section 25 of the IRDA Act, 1999?

The Insurance Advisory Committee advises the Authority on matters relating to the making of regulations under section 26 of the IRDA Act, 1999. Its objects are stated in Section 25(4). Registration, dispute adjudication and penalties are functions of the Authority itself, not the Committee.

  1. AIssuing registration certificates to insurers
  2. BAdvising the Authority on matters relating to the making of regulations under section 26Correct
  3. CAdjudicating disputes between insurers and intermediaries
  4. DImposing penalties on insurance agents

Explanation

Section 25(4) states that the objects of the Insurance Advisory Committee are to advise the Authority on matters relating to the making of regulations under section 26. Registration, adjudication and penalty functions belong to the Authority under Section 14, not to the Committee.

Did you get it right without looking?

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

Practise Insurance IntermediariesFree diagnostic mock

More Insurance Intermediaries questions