Question

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

Practice Next

More Insurance Laws Questions

Under Employees Provident Fund and Miscellaneous Provisions Act, 1952 “Insurance Fund” means
What shall be the duration of the Executive Committee of the Life Insurance Council or the General Insurance Council as per the Insurance Act, 1938?
Under the Insurance Act, 1938, the minimum paid-up capital required for starting a life insurance company is:
Under the General Insurance Business (Nationalisation) Act the provision relating to the payment of the dues to a foreign insurer, it shall be given to him...
Under the General Insurance Business (Nationalisation) Act the provision relating to the payment of the dues to the Life Insurance Corporation, it shall be...
When can a principal revoke an agent's authority?
What is the composition of the Insurance Advisory Committee, and what interests do its members represent?
The Authority with the previous approval of the Central Government shall constitute an Advisory Committee consisting of _______________
No insurer, as defined in section 2(9)(d), shall be registered unless he has ________________
What happens to the shares of an Indian insurance company upon the appointed day according to the General Insurance Business (Nationalisation) Act?

Relevant for Exams:

UIIC AO
Uiic AO Legal

Hey! Ask a query

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

Detailed Solution

More Insurance Laws Questions

Relevant for Exams:

Hey! Ask a query

Please Register/Login