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      Question

      What is the composition of the Insurance Advisory

      Committee, and what interests do its members represent?
      A The Committee consists of up to twenty-five members who represent various sectors such as commerce, industry, transport, and agriculture Correct Answer Incorrect Answer
      B The Committee consists of twenty-five members, including ex officio members, from sectors such as insurance, research bodies, and safety organizations Correct Answer Incorrect Answer
      C The Committee consists of up to twenty-five members who represent the interests of commerce, industry, transport, agriculture, consumer forums, and various other stakeholders in the insurance sector Correct Answer Incorrect Answer
      D The Committee consists of twenty-five members and is limited to representatives from the insurance and banking sectors only Correct Answer Incorrect Answer
      E The Committee consists of up to twenty-five members representing only government and industry bodies in the insurance sector Correct Answer Incorrect Answer

      Solution

      Explanation: IRDA ActSection 25 Establishment of Insurance Advisory Committee: (2) The Insurance Advisory Committee shall consist of not more than twenty-five members excluding ex officio members to represent the interests of commerce, industry, transport, agriculture, consumer fora, surveyors, agents, intermediaries, organisations engaged in safety and loss prevention, research bodies and employees' association in the insurance sector.

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