CMA Final · Risk Management in Banking and Insurance · Insurance Intermediaries
Which of the following is among the powers and functions of the Authority listed in Section 14(2) of the IRDA Act, 1999 in relation to intermediaries?
Section 14(2)(c) of the IRDA Act, 1999 empowers the Authority to specify the requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents. Appointing council committee secretaries rests with the Executive Committee concerned, and the Act does not provide for the other listed items.
- ASpecifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agentsCorrect
- BAppointing the Secretary of the Executive Committee of the General Insurance Council
- CFixing the number of agents each insurer may appoint in every State
- DDetermining the premium rates payable by each policyholder of life insurance
Explanation
Section 14(2)(c) gives the Authority the function of specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents. The Secretary of an Executive Committee is appointed by that Committee under Section 64F(6) of the Insurance Act, not by the Authority. The other options are not listed functions; the rate-control clause in 14(2)(i) concerns general insurance business only.
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