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As per the IRDA Act who constitutes the Authority, and what qualifications are required for its members?

Q: Answer-As per the IRDA Act who constitutes the Authority, and what qualifications are required for its memb...

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.

A The Authority consists of a Chairperson, up to five whole-time members, and up to four part-time members, all appointed by the Central Government, with expertise in various disciplines

B The Authority consists of a Chairperson and up to five part-time members with expertise in insurance, finance, and law

C The Authority consists of a Chairperson and three part-time members with knowledge of insurance and law

D The Authority consists of only a Chairperson and whole-time members with experience in insurance and finance

E The Authority consists of only a Chairperson and whole-time members with experience in insurance and finance

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As per the IRDA Act who constitutes the Authority, and what qualifications are required for its members?

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