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CS Professional · Banking and Insurance - Laws and Practice · Regulatory Framework in Insurance

While choosing a person to be appointed Controller of Insurance, the Central Government must have due regard to certain considerations. Which set matches the Insurance Act, 1938?

The Central Government must consider whether the person has experience in industrial, commercial or insurance matters and whether the person has actuarial qualifications. Banking experience, a law degree, professional membership or RBI service are not the statutory considerations for appointing a Controller of Insurance.

  1. AExperience in industrial, commercial or insurance matters, and whether the person has actuarial qualificationsCorrect
  2. BExperience only in banking, and a law degree
  3. CMembership of the Institute of Company Secretaries of India and ten years' practice
  4. DPrior service as a Governor of the Reserve Bank of India

Explanation

The Act directs regard to whether the person has had experience in industrial, commercial or insurance matters and whether the person has actuarial qualifications. Banking-only experience, ICSI membership or RBI service are not listed considerations.

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