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      Question

      According to the IRDA Act, 1999 the Central Government

      shall, while appointing the Chairperson and the whole-time members, ensure that____________
      A At least one person each is a person having knowledge or experience in life insurance, general insurance or actuarial science Correct Answer Incorrect Answer
      B At least one person each is a person having knowledge and experience in life insurance, general insurance or actuarial science Correct Answer Incorrect Answer
      C At least one person each is a person having experience of not less than 10 years in life insurance, general insurance or actuarial science Correct Answer Incorrect Answer
      D The recommendation of CAG has been taken into account Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      At least one person each is a person having knowledge or experience in life insurance, general insurance or actuarial science, Explanation: Section 4.   Composition of Authority- Provided that the Central Government shall, while appointing the Chairperson and the whole-time members, ensure that at least one person each is a person having knowledge or experience in life insurance, general insurance or actuarial science, respectively. 

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