IRDA Functions and Insurance Councils MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on IRDA Functions and Insurance Councils, a fundamental topic in the field of IC 14 Regulations of Insurance Business. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our IRDA Functions and Insurance Councils MCQs are designed to help you grasp the core concepts and excel in solving problems.

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IRDA Functions and Insurance Councils MCQs | Page 9 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q81.
What is the body corporate formed according to Section 64A of the Insurance Act, 1938?

a.

Insurance Regulatory and Development Authority

b.

General Insurance Corporation

c.

Insurance Association of India

d.

Life Insurance Corporation of India

Discuss
Answer: (c).Insurance Association of India Explanation:According to Section 64A of the Insurance Act, 1938, all insurers carrying on insurance business in India constitute a body corporate known as the 'Insurance Association of India.'
Q82.
What are the two councils established by Section 64C of the Insurance Act, 1938?

a.

Central Insurance Council and State Insurance Council

b.

Life Insurance Council and General Insurance Council

c.

Insurance Regulatory and Development Authority and Insurance Ombudsman

d.

Insurance Association Council and Regulatory Council

Discuss
Answer: (b).Life Insurance Council and General Insurance Council Explanation:Section 64C of the Insurance Act, 1938, provides for two councils - the Life Insurance Council and the General Insurance Council.
Q83.
Which section of the Insurance Act, 1938, allows members of the Life and General Insurance Councils to authorize representatives for meetings and elections?

a.

Section 64A

b.

Section 64B

c.

Section 64C

d.

Section 64D

Discuss
Answer: (d).Section 64D Explanation:Section 64D of the Insurance Act, 1938, allows members of the Life and General Insurance Councils to authorize representatives for meetings and elections.
Q84.
What is the authority responsible for overseeing the Executive Committees as per Section 64E of the Insurance Act, 1938?

a.

Insurance Regulatory and Development Authority

b.

Insurance Association of India

c.

Life Insurance Council

d.

General Insurance Council

Discuss
Answer: (b).Insurance Association of India Explanation:The authority overseeing the Executive Committees according to Section 64E of the Insurance Act, 1938, is the Insurance Association of India.
Q85.
How many representatives of members carrying on life insurance business are elected to the Executive Committee of the Life Insurance Council, as per Section 64F(1) of the Insurance Act, 1938?

a.

5

b.

8

c.

10

d.

15

Discuss
Answer: (b).8 Explanation:According to Section 64F(1)(b) of the Insurance Act, 1938, eight representatives of members carrying on life insurance business are elected to the Executive Committee of the Life Insurance Council.
Q86.
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.
Q87.
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.
Q88.
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.
Q89.
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.
Q90.
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.
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