Question

    As per the IRDA Act who constitutes the Authority, and

    what qualifications are required for its members?
    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 Correct Answer Incorrect Answer
    B The Authority consists of a Chairperson and up to five part-time members with expertise in insurance, finance, and law Correct Answer Incorrect Answer
    C The Authority consists of a Chairperson and three part-time members with knowledge of insurance and law Correct Answer Incorrect Answer
    D The Authority consists of only a Chairperson and whole-time members with experience in insurance and finance Correct Answer Incorrect Answer
    E The Authority consists of only a Chairperson and whole-time members with experience in insurance and finance Correct Answer Incorrect Answer

    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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