IRDA Functions and Insurance Councils MCQs

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IRDA Functions and Insurance Councils MCQs | Page 6 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q51.
Who nominates the non-official not connected with any insurance business to the Executive Committee of the General Insurance Council, as per Section 64F(2) of the Insurance Act, 1938?

a.

Central Government

b.

Insurance Association of India

c.

General Insurance Corporation

d.

Insurance Regulatory and Development Authority

Discuss
Answer: (a).Central Government Explanation:According to Section 64F(2)(iii) of the Insurance Act, 1938, the non-official not connected with any insurance business is nominated by the Authority, which is the Central Government.
Q52.
How many persons connected with general insurance business are nominated by the Authority to the Executive Committee of the General Insurance Council, as per Section 64F(2) of the Insurance Act, 1938?

a.

3

b.

5

c.

7

d.

10

Discuss
Answer: (b).5 Explanation:According to Section 64F(2)(iv) of the Insurance Act, 1938, five persons connected with general insurance business are nominated by the Authority to the Executive Committee of the General Insurance Council.
Q53.
In case a group of persons specified in (1) and (2) fails to elect any members of the Executive Committees of the Life Insurance Council or the General Insurance Council, who has the authority to nominate a person to fill the vacancy?

a.

Insurance Association of India

b.

General Insurance Corporation

c.

Insurance Regulatory and Development Authority

d.

Central Government

Discuss
Answer: (c).Insurance Regulatory and Development Authority Explanation:According to Section 64F(v) of the Insurance Act, 1938, if any group of persons fails to elect members of the Executive Committees, IRDA (Insurance Regulatory and Development Authority) may nominate any person to fill the vacancy.
Q54.
As per Section 64F(vi) of the Insurance Act, 1938, who is not entitled to vote in any matter coming up before a meeting of the Executive Committee of the Life Insurance Council or the General Insurance Council?

a.

Chairman

b.

Members elected by the Insurance Association of India

c.

Officials nominated by IRDA

d.

Non-officials not connected with any insurance business

Discuss
Answer: (c).Officials nominated by IRDA Explanation:According to Section 64F(vi), no official nominated by IRDA is entitled to vote in any matter coming up before a meeting of the Executive Committee of the Life Insurance Council or the General Insurance Council.
Q55.
Who shall be the Secretary of the Executive Committee of the Life Insurance Council and the Executive Committee of the General Insurance Council, as per Section 64F(viii) of the Insurance Act, 1938?

a.

Elected members of the respective committees

b.

Officials nominated by IRDA

c.

Chairman of the respective committees

d.

Central Government representative

Discuss
Answer: (b).Officials nominated by IRDA Explanation:According to Section 64F(viii) of the Insurance Act, 1938, the Secretary of the Executive Committee of the Life Insurance Council and the Executive Committee of the General Insurance Council shall be an official nominated by IRDA.
Q56.
As per Section 64H(1) of the Insurance Act, 1938, how long is the duration of the Executive Committee of the Life Insurance Council or the General Insurance Council from the date of its first meeting?

a.

Two years

b.

Three years

c.

Four years

d.

Five years

Discuss
Answer: (b).Three years Explanation:According to Section 64H(1), the duration of the Executive Committee of the Life Insurance Council or the General Insurance Council shall be three years from the date of its first meeting.
Q57.
As per Section 64H(2) of the Insurance Act, 1938, what happens to the out-going members of the dissolved Executive Committee after the new Executive Committee is constituted?

a.

They vacate their positions immediately

b.

They continue to hold office and discharge prescribed duties until a new Executive Committee is formed

c.

They are appointed as honorary members

d.

They are disqualified from further participation in insurance-related activities

Discuss
Answer: (b).They continue to hold office and discharge prescribed duties until a new Executive Committee is formed Explanation:According to Section 64H(2), notwithstanding the dissolution of the Executive Committee, the out-going members continue to hold office and discharge such administrative and other duties as may be prescribed until such time as a new Executive Committee is constituted.
Q58.
According to Section 64J of the Insurance Act, 1938, what is one of the functions of the Executive Committee of the Life Insurance Council?

a.

Investment management for insurers

b.

Conducting market research

c.

Regulating premium rates

d.

Bringing to the notice of IRDA cases of insurers acting prejudicial to policyholders' interests

Discuss
Answer: (d).Bringing to the notice of IRDA cases of insurers acting prejudicial to policyholders' interests Explanation:According to Section 64J of the Insurance Act, 1938, one of the functions of the Executive Committee of the Life Insurance Council is to bring to the notice of the IRDA the case of any insurer acting in a manner prejudicial to the interests of holders of life insurance policies.
Q59.
What is the maximum duration for which the Executive Committee of the Life Insurance Council or the General Insurance Council can exist, as per Section 64H(1) of the Insurance Act, 1938?

a.

Four years

b.

Five years

c.

Six years

d.

Three years

Discuss
Answer: (d).Three years Explanation:Section 64H(1) stipulates that the duration of the Executive Committee of the Life Insurance Council or the General Insurance Council shall be three years from the date of its first meeting.
Q60.
As per Section 64J of the Insurance Act, 1938, what role does the Executive Committee of the Life Insurance Council play in regulating insurers' conduct?

a.

It determines premium rates

b.

It acts as a judicial body for policyholder complaints

c.

It aids, advises, and assists insurers in setting up standards of conduct and sound practice

d.

It solely focuses on promoting insurers' interests

Discuss
Answer: (c).It aids, advises, and assists insurers in setting up standards of conduct and sound practice Explanation:Section 64J outlines that one of the functions of the Executive Committee of the Life Insurance Council is to aid, advise, and assist insurers in setting up standards of conduct and sound practice.
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