Question
As per the IRDA Act who constitutes the Authority, and
what qualifications are required for its members?Solution
Explanation: Section 4. Composition of Authority: The Authority shall consist of the following members, namely:--(a) a Chairperson; (b) not more than five whole-time members; (c) not more than four part-time members, to be appointed by the Central Government from amongst persons of ability, integrity and standing who have knowledge or experience in life insurance, general insurance, actuarial science, finance, economics, law, accountancy, administration or any other discipline which would, in the opinion of the Central Government, be useful to the Authority.
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